Why Barrick Gold Corporation Shares Are Trading Higher Today

Barrick Gold Corporation GOLD shares are on the rise, gaining momentum after the company reported better-than-expected second-quarter financial results for fiscal year 2024.

What Happened: Barrick Gold’s second-quarter earnings revealed a revenue of $3.162 billion, a 12% year-over-year increase, surpassing Wall Street’s consensus estimate of $3.114 billion. Adjusted EPS came in at $0.32, surpassing the consensus estimate of $0.27. Barrick Gold also reported $4.04 billion in cash and cash equivalents, with a debt of $4.72 billion.

What Else: President and CEO Mark Bristow highlighted key projects expected to bolster production and expand the company’s asset base. These include the Goldrush mine in Nevada, which is anticipated to ramp up to annual production exceeding 400,000 ounces by 2028 and the Fourmile project, which could potentially yield more than 500,000 ounces per annum over two decades. In the Dominican Republic, the Pueblo Viejo expansion aims to boost gold production beyond 800,000 ounces by 2040.

On the copper side, Barrick Gold is advancing two significant projects: the Lumwana super pit expansion in Zambia, which will increase production from 130,000 tonnes to 240,000 tonnes per annum and the Reko Diq project in Pakistan, targeting 400,000 tonnes of copper and 500,000 ounces of gold annually.

FY24 Outlook: Barrick Gold reiterated its outlook for fiscal-year 2024, projecting attributable gold production between 3.9-4.3 million ounces, with AISC expected to range from $1,320 to $1,420 per ounce. Capital expenditure is forecasted to be within the $2.50 billion-$2.90 billion range for the year.

Price Action: As of the latest update, Barrick Gold shares have surged by 8.78%, trading at $18.94 according to Benzinga Pro.

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