• About Us
  • Contact
Thursday, March 23, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Sectors Mining

Barrick posts stronger Q2 performance, reports standout performance in Tanzania

by Editor
09/08/2022
in Mining
0
Barrick posts stronger Q2 performance, reports standout performance in Tanzania
Share on FacebookShare on Twitter

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.

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. Photo / courtesy

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.”

Editor

Editor

Next Post
Financial analyst backs move for Tanzania to reduce liquidity in H2, 2022

Financial analyst backs move for Tanzania to reduce liquidity in H2, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Thu, 23 Mar.

Recommended

Tanzania’s mortgage growth slightly down in H1, 2022

Tanzania’s mortgage growth slightly down in H1, 2022

7 months ago
Tourists’ arrivals in Zanzibar hit 165,231 in Q3, 2022

Tourists’ arrivals in Zanzibar hit 165,231 in Q3, 2022

3 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili