Summary by Futu AI
Barrick Gold Corporation reported Q3 2024 net earnings of $483 million, up 31% year-over-year, driven by higher realized gold prices averaging $2,494 per ounce. Operating cash flow totaled $1.18 billion while free cash flow increased 31% quarter-on-quarter to $444 million. The company reduced its debt net of cash by 27% quarter-on-quarter.Gold production was steady at 943,000 ounces compared to the previous quarter, while copper production rose 12% to 48,000 tonnes. The company maintained its annual production and cost guidance, expecting a stronger Q4 driven by the Pueblo Viejo plant expansion ramp-up, increased throughput at Nevada Gold Mines, and higher grades at Kibali. Improved margins across gold operations reflected higher gold prices and cost discipline.The company declared an unchanged quarterly dividend of $0.10 per share and continued its share buyback program, repurchasing an additional $95 million in shares during Q3. Major growth projects remained on track, with feasibility studies for both Reko Diq and Lumwana Super Pit expansion projects expected to be completed by year-end. The company also reported significant progress in exploration activities across its global portfolio.
