TORONTO – Barrick Gold Corp. has reported impressive financial results for the year 2024, posting a net income of US$2.14 billion. This figure marks a notable increase from the previous year’s earnings of US$1.27 billion, primarily attributed to higher prices in both gold and copper markets.
The company, which operates in U.S. dollars, indicated that its profit per diluted share rose to US$1.22 in 2024, significantly up from the 72 cents reported in 2023. Revenue for Barrick Gold totaled US$12.92 billion for the year, reflecting an increase from US$11.40 billion the year before.
In terms of gold production, Barrick sold nearly 3.8 million ounces during the year, a decrease compared to four million ounces sold in 2023. However, the realized price for gold surged to US$2,397 per ounce, a rise from the US$1,948 per ounce achieved in the previous year. The company also reported copper sales of 177,000 tonnes for 2024, down from 185,000 tonnes in 2023, with a realized copper price of US$4.15 per pound, which is higher than the US$3.85 per pound recorded in 2023.
On an adjusted basis, Barrick announced that it earned US$1.26 per share in 2024, marking an improvement from the adjusted profit of 84 cents per share in the prior year. This growth underscores the company’s strong operational performance and its ability to leverage favorable commodity prices.
In a strategic move to enhance shareholder value, Barrick Gold Corp. has unveiled plans to repurchase up to US$1 billion worth of its shares over the upcoming 12 months. The company has already made significant strides in this regard, having repurchased US$498 million worth of shares under its ongoing buyback program for 2024.
This announcement comes as Barrick continues to solidify its position in the gold and copper markets. The company’s ability to navigate fluctuations in commodity prices and its commitment to returning capital to shareholders highlight its robust financial health and strategic foresight.
Published initially on February 12, 2025, this report provides insight into Barrick Gold’s performance, illustrating its pivotal role in the mining sector and the impact of market dynamics on its operations. Barrick Gold Corp. remains one of the largest gold producers in the world, and its results reflect broader trends within the mining industry.
Companies mentioned in this report include Barrick Gold Corp., listed on the Toronto Stock Exchange under the ticker symbol TSX:ABX.
As Barrick reflects on its 2024 performance, stakeholders will be keenly watching how the company leverages its profitability for future growth and investment opportunities in the ever-evolving market landscape.
