Barrick Reports 15% Growth in Gold Production in Q4 2024

Barrick Gold Achieves Strong Q4 Growth, Forecasts 2025 Gold Production Between 3.15Moz and 3.5Moz

Canadian mining giant Barrick Gold has reported a significant 15% increase in gold production and a 33% rise in copper output in Q4 2024 compared to the previous quarter. This impressive growth has enabled the company to meet its annual guidance, with full-year attributable gold production reaching 3.91 million ounces (Moz).

Barrick Gold Increases Reserves and Extends Asset Life

Barrick announced a 23% surge in gold mineral reserves in 2024, bringing the total to 89Moz at 0.99 grams per tonne (g/t). A key driver of this expansion was the conversion of resources to reserves at Reko Diq, following a feasibility study, which added 13Moz of gold at 0.28g/t. This marks the fourth consecutive year of reserve replacement at a 4% higher grade, ensuring asset longevity and sustained quality.

Record Financial Performance in 2024

The company achieved its highest financial performance in over a decade:

Net earnings surged by 69% to $2.14 billion.

Attributable EBITDA climbed 30% to $5.19 billion.

Operating cash flow rose by 20% to $4.49 billion.

Free cash flow more than doubled to $1.32 billion, fueled by robust earnings.

Quarterly dividend remained steady at $0.10 per share.

Shareholders received $498 million in buybacks.

Barrick introduced a new $1 billion share repurchase program for 2025.

Copper Reserves Experience Significant Growth

Barrick also reported an extraordinary 224% year-on-year increase in attributable copper mineral reserves, reaching 18 million tonnes (Mt) at 0.45% grade, a sharp rise from 5.6Mt at 0.39% in 2023. This growth follows feasibility studies at Lumwana and Reko Diq, confirming them as Tier One copper assets and adding 13Mt of new copper reserves, equivalent to 73Moz of gold.

2025 Production Outlook and Strategic Developments

Looking ahead, Barrick forecasts attributable gold production between 3.15Moz and 3.5Moz in 2025, excluding Loulo-Gounkoto due to its temporary suspension. Copper production is expected to increase to 200,000–230,000 tonnes from 195,000 tonnes in 2024.

The company’s Fourmile project continues its progress towards prefeasibility, driven by an extensive 2024 drilling program.

CEO Mark Bristow’s Perspective on Growth and Market Position

Barrick’s CEO Mark Bristow remains optimistic about the company’s long-term value and self-funded growth strategy. Addressing concerns about Mali’s ongoing issues, he reassured investors:

“While Mali remains a concern for investors, weighing down our stock price, Barrick’s fundamental value has never been stronger. We have leveraged the undervaluation of our shares by increasing repurchases and renewing our $1 billion share buyback program for the coming year.”

Bristow emphasized Barrick’s self-sustaining growth model, unlike competitors that rely on expensive mergers and acquisitions or issuing new equity:

“Our ability to self-fund our growth pipeline is a major strength. We prioritize quality Tier One assets, continuous talent development, a strong balance sheet, and a proven track record of replacing mined reserves. These factors make Barrick Gold the go-to stock for investors looking for sustainable growth in the mining sector.”