Barrick Gold Quarterly Profit Jumps on Higher Copper Output

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Barrick Gold Quarterly Profit Jumps on Higher Copper Output

Reuters2022-08-08

(Reuters) - Barrick Gold Corp reported a nearly 19% rise in second-quarter profit on Monday, helped by higher output of copper from its mines.

Copper production rose 25% to 120 million pounds in the second quarter, while gold output rose marginally to 1.043 million ounces from 1.041 million ounces.

As the Ukraine crisis exacerbated global supply chain issues, Barrick took a slew of measures to mitigate the impacts, including nearly doubling its inventory of key mining supplies such as cyanide, explosives and steel balls.

Barrick, the world's second-biggest gold miner, said realized gold prices rose to $1,861 an ounce in the April-June quarter, from $1,820 an ounce last year.

Net earnings stood at $488 million, or 27 cents per share, for the quarter ended June30, compared with $411 million, or 23 cents per share, a year earlier.

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·2022-08-08
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