Barrick Gold Corporation (GOLD.US) announces Q4 profit surpassing expectations, officially unveiling a new $1 billion share buyback plan.

Barrick Gold Corporation (GOLD.US) announced fourth-quarter performance that exceeded expectations, mainly due to the increase in the price of gold and production. Data shows that the world's second largest gold miner had an adjusted earnings per share of 46 cents in Q4, higher than analyst expectations of 41 cents. Gold production reached 1.08 million ounces, higher than the 1.05 million ounces in the same period last year, primarily due to strong performance in its North America, Africa, and Middle East operations. In 2024, driven by safe-haven demand, interest rate cuts, and central bank gold purchases, the gold price rose by over 27% for the year, marking the highest annual increase since 2010. Barrick Gold Corporation stated that the average realized gold price in the fourth quarter increased from $1,986 per ounce in the previous year to $2,657. However, the industry benchmark reflecting total costs - all-in sustaining costs (AISC) - increased from $1,364 per ounce in the previous year to $1,451 in this quarter. In the fourth quarter, the company saw a 33% increase in copper production, meeting its annual production guidance. In terms of full-year performance, the company's net profit significantly increased to $2.14 billion, a 69% year-over-year growth. Adjusted net profit increased by 51% to $2.21 billion, attributable EBITDA increased by 30% to $5.19 billion, reaching a new ten-year high. Looking ahead to 2025, the company expects gold production to be between 3.15-3.5 million ounces (excluding temporarily suspended production at Loulo-Gounkoto). Copper production is expected to increase from 195,000 tons in 2024 to 200-230,000 tons, mainly benefiting from increased production at Lumwana. Additionally, the company announced a new $1 billion share buyback program, replacing the existing buyback program implemented since February 14, 2024.