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Highlights

  • In Q3 2024, Barrick Gold's revenue rose 17.7%, driven by higher realized prices.
  • Net income for Q3 2024 increased by 33.3% to USD 780.0 million.
  • Barrick Gold expects FY24 gold production to be between 3.90 and 4.30 million ounces.

Barrick Gold Corporation (TSX: ABX) is one of the prominent gold producers globally. The company operates mines in Australia, Africa, South America, and North America. Recognizing copper's growing importance for the global green energy transition, the company prioritized expanding its copper portfolio. This strategy was established during the merger with Randgold about half a decade ago. Barrick Gold has a market cap of CAD 44.24bn. Its annual dividend yield stands at 2.23%.

In Q3 2024, the company reported net revenue of USD 3,368.0 million, an increase of 17.7% compared to the prior corresponding period (pcp). This rise in revenue was attributed to higher realized prices. The company also saw a 29.5% increase in income before finance costs and income taxes, reaching USD 1,107.0 million, from USD 855.0 million in pcp. Income before income taxes rose by 27.6%, reaching USD 1,025.0 million, compared to USD 803.0 million in pcp. Overall, net income for the period increased by 33.3%, reaching USD 780.0 million, from USD 585.0 million in pcp.

Recent Business Update

On 07 November 2024, the company declared a dividend of USD 0.10 per share for Q3 2024. The dividend is slated to be distributed on December 16, 2024.

The company’s Fourmile project in Nevada continues to show healthy potential, with new satellite orebody opportunities emerging at Loulo and Kibali. Additionally, exploration teams are working on promising new prospects across the company's portfolio.

Company Outlook

For FY24, the company’s management expects net gold production to range between 3.90 and 4.30 million ounces, while copper production is anticipated to be between 180,000 and 210,000 tonnes.

Top 10 Shareholders

The top 10 shareholders of Barrick Gold hold about 24.70% of the total shares in the company. Van Eck Associates Corporation holds the largest stake at 4.26%. The Vanguard Group, Inc. follows with a 3.79% stake.

 Stock Information

ABX’s stock price has increased by around 3.73% and 25.71% over the past six months and nine months, respectively. However, it has dropped by around 13.55% in the last month. As of 26 November 2024, the stock’s closing price is CAD 24.69, which is higher than the average 52-week high of CAD 29.50 and the 52-week low of CAD 18.65.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 26, 2024. The reference data in this report has been partly sourced from EODHD/Others.