Barrick Gold Reports US$2.14 Billion Profit for 2024

TORONTO — Barrick Gold Corp. has announced a profit of US$2.14 billion for the year 2024. This is a significant increase from the US$1.27 billion reported in 2023, largely driven by rising prices of gold and copper.

The company, which operates using U.S. dollars, reported that its earnings translated to US$1.22 per diluted share for the year. This is an increase from 72 cents per share in the previous year.

Barrick Gold's revenue for 2024 reached a total of US$12.92 billion, compared to US$11.40 billion in 2023. The volume of gold sales fell to nearly 3.8 million ounces, down from four million ounces sold in the previous year. Despite the decrease in sales volume, the realized price for gold increased to US$2,397 per ounce, rising from US$1,948 in 2023. Meanwhile, copper sales totaled 177,000 tonnes last year, which is less than the 185,000 tonnes sold in 2023. However, the realized price for copper also saw a rise, reaching US$4.15 per pound in 2024, up from US$3.85 a year earlier.

When looking at adjusted earnings, Barrick reported earnings of US$1.26 per share in 2024, an increase from an adjusted profit of 84 cents per share in 2023. This shows that the company has improved its profitability after accounting for certain items.

Furthermore, Barrick Gold announced ambitious plans to enhance shareholder value by initiating a share buyback program. The company plans to repurchase up to US$1 billion worth of its own shares over the next 12 months. For the current buyback program, Barrick has already repurchased approximately US$498 million worth of its shares.

This financial performance marks a strong year for Barrick Gold as it navigates the challenges of the mining industry and takes advantage of favorable commodity prices. Investors are likely to pay close attention to Barrick's future plans and how the company manages its operations in the coming year.

Barrick, Gold, Profit