A stronger Q2 performance across the portfolio has kept Barrick on course to achieve its annual gold and copper production guidance while continuing to progress its key growth projects.
Gold production for the quarter was higher than Q1 at 1.04 million ounces — driven mainly by Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania — and is expected to grow further in the second half of the year. Copper production came to 120 million pounds.
According to a statement seen by The Business Wiz, at North Mara Gold Mine in Tanzania, the company produced a total of 122,000 ounces in H1, 2022 being an 18% increase in Q2 production versus prior quarter.
Similar to North Mara, Barrick’s Bulyanhulu operation in Tanzania also recorded higher throughput, grade and recovery driven by a 20% improvement in Q2 production thus producing 99,000 ounces of gold in H1, 2022.
Barrick’s operating cash flow was $924 million and free cash flow was $169 million for the quarter. Net earnings per share were $0.27 and adjusted net earnings per share2 were $0.24. A dividend of $0.20 per share was declared for the quarter on the back of the strong operating performance and net cash of $636 million.
Barrick is continuing to expand its global exploration footprint with a strengthened team. In North America the search has extended from Nevada to active projects in Canada.
The intensified exploration drive in Latin America led to an entry into the Guiana Shield, and in Africa & the Middle East, new projects have been initiated in Zambia, Tanzania and Egypt.
A new Asia Pacific team is making progress at Reko Diq, as well as Japan, while also looking for fresh opportunities elsewhere in this region.
Reviewing the quarter, president and chief executive Mark Bristow said the critical scrutiny of ESG and sustainability disclosures was intensifying in a climate of skepticism about so-called greenwashing. Against this background, Barrick’s annual Sustainability Scorecard, an industry first, continues to report the group’s performance transparently and objectively against a wide range of standard metrics.
“We’ve taken the leadership in integrating the various aspects of ESG and managing these complex issues in a measured and holistic manner,” he said.
“There are challenging times ahead, but Barrick faces them with strong and agile leadership, a robust balance sheet, solid Life of Mine plans, a reliable cash flow and a strategy focused on sustainability and value creation.”