Increases dividend
Barrick Gold reported record net earnings of US$1.3 billion, or 76c per share, for the quarter to September 30, 2025, compared with $483 million, or 28c per share, a year earlier, as revenue rose 23% to $4.
15 billion, driven by a higher gold price, which offset lower gold volumes.The company produced 829,000oz of gold in the quarter, down 12% from a year earlier, mainly due to the suspension of operations at Loulo-Gounkoto in Mali, partly offset by higher output from the ramp-up of Goldrush in Nevada and stronger grades at Pueblo Viejo in Dominican Republic and Kibali in Democratic Republic of Congo. Copper production increased 15% to 55,000t, due to higher grades and recoveries at Lumwana in Zambia. In terms of gold equivalent, output fell 13% year-on-year and was 1% up on the June quarter.Barrick's all-in sustaining costs fell 8.7% in the quarter to $1538/oz, although this was 2.1% higher than a year ago. This gave Barrick a gold margin of 56.5, some $2001/oz.Barrick reaffirmed its 2025 guidance of 3.15–3.50Moz of gold and 200,000–230,000t of copper, with the December quarter expected to be the strongest of the year. "Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick. This allowed us to significantly increase share repurchases while also making progress on our key growth projects," said Barrick Mining's interim chief executive Mark Hill.Barrick ended the quarter with $5.04 billion in cash and $4.71 billion in debt, resulting in a net cash position of $323 million, compared to a net debt of $500 million a year ago. It approved a 25% increase in the base quarterly dividend to 12.5c per share, plus a performance dividend of 5c, for a total quarterly dividend of 17.5c per share.Barrick has paid out $596 million in dividends and bought back $1 billion of its stock so far in 2025, for total shareholder returns of $1.6 billion.Shares in Barrick Mining were up 3% in pre-market trading. They have increased in value by 80% over the past year. They are trading at $34.20, valuing the company at $56 billion.
Lumwana Kibali Pueblo Viejo Loulo-Gounkoto Mark Hill
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