Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) beat expectations in its latest quarter as high gold profits boosted revenues, profits and cash flow in the quarter to end June 2024.
Revenues of US$3.16 billion in the three months were up 12% from the same period in 2023, while net income rose to US$370 million from US$305 million.
Free cash flow jumped to US$340 million from US$63 million a year ago.
The higher gold price offset slightly lower production of 948,000 ounces (one million) with the average realized sale price reaching US$2,344 against US$1,972 an ounce.
Mark Bristow, chief executive, said the company is on track to hit its 2024 forecasts with production boosts at the Lumwana mine in Zambia and Reko Diq in Pakistan on track.