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Barrick Gold Reports Mixed Earnings

Canada’s Barrick Gold (ABX) has announced a new $1 billion U.S. stock buyback program after the company reported mixed financial results.

The Toronto-based company reported earnings per share of $0.27 U.S. for the fourth and final quarter of 2023. That beat analyst forecasts of $0.21 U.S.

Revenue for the period came in at $3.06 billion U.S., missing expectations of $3.14 billion U.S.

Total gold production last year rose 1.4% to 1.05 million ounces while the average realized price per ounce increased 3% to $1,986 U.S. in Q4 2023.

The company’s copper production was basically unchanged last year at 113 million pounds.

In terms of forward guidance, Barrick Gold said that it anticipates higher gold production this year as prices for the precious metal near all-time highs.

Management said that they expect gold production to range between 3.9 million ounces and 4.3 million ounces this year, compared with 4.05 million ounces in 2023.

Average spot gold prices rose more than 13% in the final quarter of 2023.

Gold is currently trading right around $2,000 U.S. per ounce, which is not far from its all-time high of $2,135.39 U.S. per ounce.

The stock of Barrick Gold has declined 20% so far in 2024 and currently trades at $19.18 per share in Toronto.