Barrick Gold (TSX: ABX) (NYSE: GOLD) has released its Q4 and full-year 2024 results, showcasing a significant increase in both gold and copper production, alongside substantial growth in mineral reserves.
The Canadian miner anticipates attributable gold production to fall between 3.15 million ounces (moz) and 3.5moz in 2025.
In Q4 2024, Barrick Gold saw a 15 per cent increase in gold production and a 33 per cent increase in copper production compared to the previous quarter.
The company met its annual guidance with full-year attributable gold production reaching 3.91 moz.
Barrick reported a remarkable 23 per cent increase in its gold mineral reserves in 2024, reaching 89moz at 0.99 grams per tonne (g/t).
This growth is largely attributed to the conversion of resources to mineral reserves at the Reko Diq project, which added 13moz of gold at 0.28g/t.
This achievement marks the fourth consecutive year of annual depletion replacement at a 4 per cent higher grade, reinforcing the company’s commitment to maintaining asset quality and extending the life of its operations.
The company’s financial performance was equally impressive. Net earnings surged by 69 per cent to US$2.14 billion, while attributable earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 30 per cent to US$5.19 billion — the highest in over a decade.
Operating cash flow increased by 20 per cent to US$4.49 billion, and free cash flow more than doubled to US$1.32 billion, driven by stronger earnings.
Barrick Gold maintained a quarterly dividend of US$0.10 per share and returned US$498 million to shareholders through share buybacks.
Building on this commitment, the company has launched a new program to repurchase up to US$1 billion in outstanding common shares over the next 12 months at market prices.
The company also reported a 224 per cent year-on-year increase in attributable copper mineral reserves, reaching 18 million tonnes (mt) at 0.45% grade, up from 5.6mt at 0.39 per cent in 2023.
This growth follows the completion of feasibility studies at Lumwana and Reko Diq, confirming both as potential Tier One copper assets, adding 13mt of new attributable copper reserves, equivalent to 73moz of gold.
Looking forward, Barrick anticipates attributable gold production of 3.15moz–3.5moz in 2025, excluding Loulo-Gounkoto during its temporary suspension.
Attributable copper production is projected to rise from 195,000 tonnes (t) in 2024 to 200,000–230,000 tonnes.
The Fourmile project is also advancing to prefeasibility, driven by a successful 2024 drilling program.
Barrick’s CEO, Mark Bristow, acknowledged ongoing issues in Mali but emphasised the company’s strong fundamental value.
“While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick’s fundamental value proposition has never been stronger,” said Bristow.
“As such, we have capitalised on the undervaluation of our shares by increasing our repurchases, and we have renewed our US$1 billion share buyback program for the upcoming year.”
Bristow highlighted Barrick’s ability to self-fund its growth pipeline and its focus on a quality Tier One asset portfolio as key strengths.
“Our ability to self-fund our growth pipeline is a major strength and, unlike many of our peers, we won’t need costly mergers and acquisitions or to issue additional equity to grow production,” he stated.
