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Gold Investing
Barrick Gold Reports Q4 Results, Highlights Progress at Growth Projects
Feb. 18, 2025 09:25AM PST
Barrick Gold CEO Mark Bristow emphasized that the company's value proposition "has never been stronger."
Pla2na / Shutterstock
Barrick Gold (TSX:ABX,NYSE:GOLD) reported its results for the fourth quarter of 2024 on February 12, highlighting production increases, as well as progress at its Lumwana and Fourmile operations.
Gold production was up 15 percent compared to the previous quarter, while copper output was up 33 percent.
The company's full-year attributable gold production reached 3.91 million ounces, while its copper output was 195,000 metric tons — both numbers fell in line with Barrick's guidance.
Gold cost of sales fell by 3 percent and total cash costs were down 5 percent during the quarter.
Barrick also reported a 69 percent increase in net earnings to US$2.14 billion for 2024, with adjusted net earnings rising by 51 percent to US$2.21 billion. Attributable EBITDA was up 30 percent at US$5.19 billion for the year.
The company's attributable proven and probable gold reserves increased by 17.4 million ounces before 2024 depletion; they now stand at 89 million ounces. Copper mineral reserves rose by 224 percent from the previous year to reach 18 million metric tons at 0.45 percent copper, driven by feasibility studies at Lumwana and Reko Diq.
These reserve additions reinforce Barrick’s ability to sustain long-term production.
“Barrick remains focused on sustainable value creation for all our stakeholders and as our results today clearly demonstrate, we have the asset quality, balance sheet strength and organic growth projects to deliver on our vision well into the future,” said CEO Mark Bristow, adding that the company's value proposition "has never been stronger."
Lumwana super pit expansion to boost copper output
Key activities in Q4 included the completion of a feasibility study for the Lumwana super pit expansion.
The expansion plan for the Zambia-based asset includes doubling the mine’s processing capacity from 27 million metric tons per year to a peak of 54 million metric tons per year. This increase is expected to support average copper production of 240,000 metric tons annually, extending the mine’s operational life to 2057.
As mentioned, the feasibility study has helped add to Barrick's reserves. Lumwana's proven and probable copper reserves have increased to 8.3 million metric tons at a grade of 0.52 percent.
Total estimated capital expenditure for the expansion is US$2 billion, with construction expected to begin in 2025 as Barrick seeks to secure long-term copper supply in response to increasing global demand.
Lumwana’s transformation supports Barrick’s position as a major copper producer, reinforcing the company's ability to operate efficiently across different commodity price cycles. The project is also expected to generate economic benefits for Zambia, including job creation and infrastructure improvements.
Fourmile moves forward to prefeasibility study
Barrick is also advancing the Fourmile project in Nevada following an extensive 2024 drill program.
The company said in its Q4 report that the results have led to a significant resource upgrade, with indicated resources increasing by 192 percent to 1.4 million ounces at a grade of 11.76 grams per metric ton. Inferred resources also expanded, growing by 137 percent to come in at 6.4 million ounces at 14.1 grams per metric ton.
The Fourmile project, located near the Goldrush mine, is considered a high-potential deposit with similarities to Barrick’s historic Goldstrike mine. The company plans to integrate Fourmile into its broader Nevada operations.
Bristow said Fourmile has substantial growth potential, with increasing grades in the northern part of the deposit.
The next steps for the project include completing a prefeasibility study, which will determine the optimal development approach and potential production timeline.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
TSX:ABX
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics. When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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