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Highlights

  • ABX’s Q2 2024 revenues increased by 11.6% to USD 3,162.0 million due to higher prices
  • Net earnings for Q2 2024 reached USD 634.0 million, up from USD 502.0 million in pcp
  • For FY24, gold production is expected between 3.90 and 4.30 million ounces

Barrick Gold Corporation (TSX: ABX) has a market capitalisaiton of CAD 49.59 billion and is one of the prominent gold producers in the world. It operates mines in South America, North America, Australia, and Africa.

In Q2 2024, the company's revenues reached USD 3,162.0 million, reflecting an 11.6% increase compared to the previous corresponding period (pcp). This growth was driven by higher realized prices. As a result of the uplifted revenue, the company reported a significant rise in income before finance costs and income taxes, at USD 1,092.0 million, up from USD 810.0 million in the prior comparable period.

Additionally, the company saw an increase in income before income tax, which totaled USD 1,041.0 million compared to USD 766.0 million in the same quarter last year. This positive performance, coupled with a reduction in income tax expense, contributed to higher net earnings for Q2 2024, amounting to USD 634.0 million, up from USD 502.0 million in the prior year.

Recent Business Update

The company recently paid a dividend of USD 0.10 per share. This dividend pertained to the second quarter of 2024. The payment was made on 16 Sep 2024. It was paid to shareholders of record as of the business closing date on August 30, 2024.

Company Outlook

For fiscal year 2024, management projects net gold production to fall between 3.90 and 4.30 million ounces. Additionally, copper production is expected to range from 180,000 to 210,000 tonnes. Management also anticipates that exploration and project expenses for FY 2024 will be between USD 400 million and USD 440 million.

Top 10 Shareholders:

The top 10 shareholders account for about 24.92% of the total shareholding. Van Eck Associates Corporation holds the largest stake at approximately 4.42%. The Vanguard Group, Inc. follows with a stake of around 3.73%.

Stock Information

The stock has increased by approximately 0.21% over the past week and about 0.55% over the last month. Additionally, it is currently trading above the average 52-week high of CAD 28.67 and the 52-week low of CAD 18.65. Its closing price as of 27 Sep 2024 is CAD 27.36.

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 September 27, 2024. The reference data in this report has been partly sourced from EODHD/Others.