Barrick Gold Corp Reports Increased Earnings and Strategic Focus on Fourmile Project
May 9, 2024
Barrick Gold Corp announced a strong start to 2024 with adjusted net earnings of $333 million, or 19 cents per share, an increase from the first quarter of the previous year. The company's focus is now turning to the Fourmile project in Nevada, following the successful commencement of production at the Goldrush mine.
Key Highlights from Q1 2024:
- Financial Performance: The company reported a significant recovery from a net loss in 2023, with adjusted net earnings reflecting a 36% increase year-over-year.
- Operational Updates: Barrick is prioritizing development at the Fourmile project, which is expected to enter a pre-feasibility stage later this year. This project, adjacent to Goldrush, is noted for its distinct style of mineralization and world-class potential.
- Production Figures: Gold production slightly decreased to 940,000 ounces, while copper production remained steady at 40,000 metric tons.
- Strategic Developments: The Nevada Gold Mines joint venture, where Barrick holds a 61.5% interest, is a focal point, with Newmont Corp. having a potential buy-in option for the Fourmile project.
- Expansion and Safety: The company continues to expand its global footprint with significant projects underway, including the extension of Pueblo Viejo and development of the Reko Diq copper mine. Safety remains a top priority, with a significant reduction in injury rates and ongoing efforts towards achieving zero fatalities.
