Barrick Mining posted a strong second-quarter performance, with solid gains in both gold and copper production driving a sharp rise in free cash flow and net earnings.
Earnings per share came in at $0.47, matching adjusted EPS for the quarter. Operating cash flow for the first half of the year reached $2.5 billion (C$3.45 billion), up 32% year-on-year, while free cash flow more than doubled—rising 107% to $770 million—on the back of higher commodity prices.
Gold production in Q2 rose 5%, and copper output jumped 34% from Q1, fuelled by strong results from the Lumwana mine in Zambia. Nevada Gold Mines led the company’s gold output with an 11% quarter-on-quarter increase, while Pueblo Viejo saw production surge 28% thanks to higher throughput and expansion progress. Copper production is tracking toward the top end of full-year guidance.
The Board approved a $0.15 per share dividend, which includes a $0.05 performance component. The company also continued its share buyback programme, repurchasing $268 million in Q2, bringing the H1 total to $411 million and the 12-month total to $860 million. Overall, $753 million in capital was returned to shareholders in H1.
President and CEO Mark Bristow said the quarter demonstrated Barrick’s ability to “grow production, lower costs and advance the industry’s most exciting pipeline of gold and copper projects,” citing key developments at Goldrush, Pueblo Viejo, Lumwana, Reko Diq, and the high-potential Fourmile project.
The quarter also saw a $1.03 billion charge related to the loss of control over the Loulo-Gounkoto mine in Mali, partly offset by a $745 million gain from selling a 50% stake in the Donlin Gold project in Alaska.
Exploration and reserve replacement remain central to the company’s strategy. Barrick expects to replace more than 80% of gold mined this year, maintaining a three-year rolling average of over 500% gold equivalent ounce replacement. Drilling programmes are active across Canada, Nevada, Peru, and Tanzania, with Kibali delivering promising brownfield results.
At Reko Diq, construction activities are ramping up as planned. Drilling at Fourmile has reached 34 km this year, with results indicating the resource estimate could potentially double by year-end.
Meanwhile, Barrick is in advanced talks to sell its last Canadian gold mine, Hemlo, to Discovery Silver. The process, launched in April 2025, is nearing completion pending final agreement.
