Mail track

Is Barrick Gold on track for a new pace of second-quarter earnings thanks to higher production?

Hello, my name is James, I am a photographer.

Barrick Gold (NYSE: GOLD) is expected to announce second-quarter results on Monday, August 8, before the market opens.

The EPS consensus estimate is $0.22 (-24.1% Y/Y) and the revenue consensus estimate is $2.85 billion (-1.4% Y/Y).

Above Last 2 years, GOLD beat BPA estimates 88% of the time and revenue estimates 50% of the time.

Over the past 3 months, EPS estimates have seen 11 downward revisions. Revenue estimates saw 2 upward and 2 downward revisions.

GOLD reported prelim. Second-quarter production of 1.04 million ounces of gold and 120 million pounds of copper, which it said was sufficient to maintain production guidance for the year.

Second quarter gold production was higher sequentially due to better performance across its portfolio. Q2 copper production was higher than Q1, driven by Lumwana as expected.

GOLD shares edged higher after the miner reported first-quarter results slightly above Street’s estimates. First-quarter gold production fell 10.1% to 990,000 ounces, hurt by lower production at its Carlin and Cortez mines in Nevada.

At the time, GOLD said it expected stronger performance in the second half of 2022.

GOLD also doubled its quarterly dividend to $0.20/share, including a performance dividend of $0.10/share.

Contributor SA Fun Trading in an analysis said decent production should help GOLD’s second-quarter results, but noted the stock Hold.

GOLD shares have fallen 16.4% since the start of the year.

Recent News:

  • GOLD is close to concluding a final framework agreement with the Pakistani government. to develop the $7 billion Reko Diq copper-gold deposit, which has been on hold since 2011 due to a dispute over its licensing process.
  • GOLD extended the termination date of its $3 billion revolving loan by one year and incorporated sustainability measures into the loan.
  • GOLD CEO Mark Bristow has ruled out a potential purchase of Kinross Gold (KGC), Globe & Mail reported, but did not rule out another large-scale acquisition in the next few years.