Company Reports

Barrick's second-quarter adjusted NPAT is up 70% on a year ago, to USD 1.4 billion or USD 0.82 per share. The stronger gold price and slightly higher sales volumes more than offset increased unit costs. But shares fell 6% as it also settled its dispute with Newmont over Nevada Gold Mines, or NGM.

The gold price continues to fall. At around USD 4,200 per ounce now, it is down 13% since we last updated our assumed prices. ETF outflows have accelerated, consistent with their tendency to be procyclical and the marginal buyers or sellers. Solid central bank buying partially offsets this.

Barrick is the one of the world’s largest gold miners by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. Barrick is the operator and owner of 61.5% of the partnership.

Barrick reported a strong first-quarter result, driven by a higher gold price and lower unit costs at stable volumes. Adjusted NPAT is up 170% from a year ago to USD 1.65 billion, or USD 0.98 per share, though down from USD 1.75 billion, or USD 1.04 per share, in the previous quarter.

After reaching another historical high around USD 5,400 per ounce in January, gold belied its safe haven status by falling 20% in response to the Iran war, before recovering to around USD 4,800 now. The fall was driven by ETF outflows: ETFs tend to be procyclical and the marginal buyers or sellers.

Barrick is the one of the world’s largest gold miners by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. Barrick is the operator and owner of 61.5% of the partnership.

Barrick's fourth-quarter adjusted net profit after tax more than doubled year on year, to USD 1.8 billion (USD 1.04 per share)—the booming gold price more than offset rising unit cash costs. With lower sales volumes, this drove 2025 adjusted NPAT up 87%, to USD 4.1 billion (USD 2.42 per share).

Barrick is the one of the world’s largest gold miners by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. Barrick is the operator and owner of 61.5% of the partnership.

After a brief pullback in October, the gold price resumed its relentless rise and is now trading at yet another historical high of around USD 4,600 per ounce. Concerns over the Fed's independence add to strong ETF and central bank purchases and ongoing US fiscal deficits as major tailwinds.

Barrick is the world’s second-largest gold miner by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. Barrick is the operator and owner of 61.5% of the partnership.

Barrick's interim CEO Mark Hill is wasting no time stamping his influence on the gold miner. It is considering an IPO of its North American mines including its respective 62% and 60% stakes in the Nevada Gold Mines and Pueblo Viejo joint ventures with Newmont, and its Fourmile deposit.

Barrick is the world’s second-largest gold miner by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. Barrick is the operator and owner of 61.5% of the partnership.

Barrick's third-quarter adjusted NPAT is nearly double a year ago, at USD 980 million or USD 0.58 per share. High gold prices are a tailwind that more than offsets lower sales volumes at steady unit cash costs. It declared an increased dividend of USD 17.5 cents and will repurchase more shares.

The gold price has been surging in 2025, reaching about USD 4,380 per ounce recently, another historical high, and up almost 70% this year. However, prices have pulled back and are now down 6%, to about USD 4,100 at the time of writing. Silver and platinum prices are also materially lower.

The gold bull market continues. Now around USD 3,850 per ounce, gold is up 47% so far in 2025 and near historical highs. Safe-haven buying is a major driver, led by strong ETF and central bank purchases, with ongoing US fiscal deficits, a weaker US dollar, and lower real interest rates assisting.

Barrick Gold is the world’s second-largest gold miner by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. With Barrick, the operator and owner of 61.5% of the partnership, NGM has been able to reduce costs thanks to the proximity of mines owned by the joint venture.

Barrick's 2025 second-quarter adjusted net profit after tax of USD 800 million, or USD 47 cents per share, is up 44% on the same quarter of 2024. A 41% higher realized gold price more than offset 19% lower volumes and higher unit cash costs.

The gold price has been on a tear in 2025, rising 27% to USD 3,330 per ounce, close to historical highs. Safe-haven buying is likely the main driver, with investors concerned about tariffs and geopolitical uncertainty, as well as the US fiscal deficit.

Barrick Gold is the world’s second-largest gold miner by production, operating mines in 19 countries in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. With Barrick the operator and owning 61.5% of the partnership, NGM has been able to reduce costs thanks to the proximity of mines owned by the joint venture.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.