Barrick Mining (ABX.TO) surpassed second-quarter profit estimates and announced a 50% increase in its dividend on Monday, as record-high gold prices helped counter weaker production and a $1.04 billion hit from losing control of its Loulo-Gounkoto mine in Mali, Reuters reported.
The company will pay a quarterly dividend of 15 cents per share, up from 10 cents in May.
Gold prices in the quarter averaged $3,220.58 an ounce, marking a 12% rise from the previous quarter and nearly 40% higher than a year earlier.
Prices were boosted by safe-haven demand amid uncertainty over U.S. President Donald Trump’s tariff policies and geopolitical tensions that fueled inflation concerns.
Barrick’s average realized gold price rose to $3,295 per ounce in April–June, compared to $2,344 in the same period last year.
Don’t Miss This:
Mali Court Rejects Bail For Barrick Staff As Gold Mine Dispute Escalates
Production fell to 797,000 ounces from 948,000 ounces a year earlier.
U.S.-listed shares of Barrick dropped nearly 4% in morning trading, pressured by a more than 1% fall in gold prices on Monday, which also weighed on other mining stocks.
The company was forced to halt operations in mid-January after Mali’s military-led government blocked exports for two months, detained some executives, and seized three tons of bullion.
Barrick has launched arbitration at the World Bank in an effort to resolve the dispute.
The Loulo-Gounkoto mine loss was partly offset by a $745 million gain from the sale of its 50% interest in the Donlin Gold project.
All-in sustaining costs for gold rose to $1,684 per ounce in the quarter, up from $1,498 per ounce a year earlier.
On an adjusted basis, Barrick reported earnings of 47 cents per share for the quarter, exceeding analysts’ average forecast of 45 cents, according to LSEG data.
Don’t Miss This:
Niger’s Military Government Seizes Control Of Key Gold Mine From Australian Operator
Image Credit: CTV News
