Financial Data and Key Metrics Changes - Barrick's adjusted earnings per share more than doubled year-on-year, reaching $0.47, the highest since 2013 [4][8] - The company finished the quarter with a net cash position, allowing for share buybacks and strengthening the balance sheet [5] - Net cash provided by operating activities was €1,330,000,000, up 35% from the previous quarter [8] - The company returned $753,000,000 to shareholders in the first half of the year through dividends and share buybacks [9] Business Line Data and Key Metrics Changes - Gold production improved across the portfolio, with solid contributions from Nevada Gold Mines, Pueblo Viejo, Kibali, and Lomana [6][12] - In copper, production volumes increased, and unit costs decreased, reflecting a clear year-on-year and quarter-on-quarter improvement [7] - The ramp-up at Goldrush is gaining momentum, and Fourmile is showing significant potential [6][12] Market Data and Key Metrics Changes - The gold price remains high, contributing to improved operating performance and stronger margins [8] - The company is focusing on long-life Tier one assets, completing the sale of its interest in the Donlin Gold Project for $1,000,000,000 [7] Company Strategy and Development Direction - Barrick emphasizes a disciplined approach to capital allocation, focusing on long-term profitability and growth through Tier one assets [9][38] - The company is committed to health and safety, achieving a 50% decrease in lost time injuries year-to-date [11] - Barrick aims to grow production by 30% organically by 2029, with a focus on building a portfolio of world-class assets [38] Management's Comments on Operating Environment and Future Outlook - Management noted that the global environment remains uncertain, but the diversified portfolio and disciplined capital allocation provide resilience [3] - The second half of the year is expected to be stronger, with all indicators pointing towards improved performance [10][38] - Management remains optimistic about the potential of the Fourmile asset, which is emerging as a significant discovery [15][19] Other Important Information - The company is advancing its projects in Latin America and Asia Pacific, with significant progress at Pueblo Viejo and Ricodec [20][26] - Barrick is actively managing its portfolio, considering divestments to focus on core assets [46] Q&A Session Summary Question: Timeline for arbitration process regarding Lulu and Kotto - Management believes a resolution can be found and has engaged in various mediation efforts, with the tribunal already constituted [40][41] Question: Fit of divestments in the portfolio - Management is focused on rationalizing the portfolio to emphasize Tier one long-life assets, with ongoing evaluations of Hemlo and Porgera [44][46] Question: Updates on Fourmile's scope and timeline - Management aims to have a scoping position for Fourmile by the end of the year, with plans to assess the next steps thereafter [47][48] Question: Situation regarding the book value of Lulu - The asset was deconsolidated due to loss of control, leading to a write-off, but the company still expects benefits from its investment [55][56] Question: Update on Jabal Saeed project in Saudi Arabia - The project is a small high-grade copper mine with a ten-year life, and Barrick is expanding its partnership with Ma'aden for further exploration [59][61] Question: Electricity situation in Zambia for Lumwana - Management has worked with state utilities to improve power availability and is investing in technology to enhance the power grid [62][64]