Barrick Gold reports US$483M Q3 profit, up from US$368M a year ago, revenue up 18%

TORONTO — Barrick Gold Corp. reported a third-quarter profit of US$483 million, up from US$368 million a year ago as its revenue rose 18 per cent.

The gold miner, which keeps its books in U.S. dollars, says the profit amounted to 28 cents US per share for the quarter ended Sept. 30 compared with a profit of 21 cents US per share in the same quarter last year.

Revenue for the quarter was US$3.37 billion, up from US$2.86 billion a year earlier.

Gold production in the quarter totalled 943,000 ounces, down from 1,039,000 ounces a year ago, while copper production amounted to 48,000 tonnes, down from 51,000 tonnes.

Barrick’s average realized gold price was US$2,494 per ounce, up from US$1,928 a year ago, while its average realized copper price was US$4.27 per pound, up from US$3.78 a year ago.

On an adjusted basis, Barrick says it earned 30 cents US per share in its latest quarter, up from an adjusted profit of 24 cents US per share in the same quarter last year.

This report by The Canadian Press was first published Nov. 7, 2024.

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The Canadian Press