Barrick Gold reports US$488 million second quarter profit

Photo: The Canadian Press

Barrick Gold Corp. reported a second-quarter profit of US$488 million, up nearly 19 per cent from US$411 million in the same quarter last year.

The gold miner, which keeps its books in U.S. dollars, says the profit amounted to 27 cents per diluted share for the quarter ended June 30 compared with 23 cents per share a year ago.

Revenue for the quarter totalled US$2.86 billion, down from US$2.89 billion in the second quarter last year.

Gold production in the quarter was 1,043,000 ounces, up from 1,041,000 in the same quarter of 2021, while its average realized gold price rose to US$1,861 an ounce compared with US$1,820 a year ago.

On an adjusted basis, Barrick says it earned 24 cents per share, down from 29 cents per share a year ago.

President and chief executive Mark Bristow says the company has continued to take steps to increase its sustainability.

“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," he said in a statement.