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Barrick Gold (NYSE:GOLD) -0.7% in Wednesday’s trading after reporting better than expected Q4 adjusted earnings but issuing “soft” gold production guidance for FY 2024 of 3.9M-4.3M oz, compared with 4.05M oz in 2023, which in turn was below the company’s target of 4.2M-4.6M oz.
Barrick (GOLD) forecast FY 2024 all-in sustaining costs for gold production at $1,320-$1,420/oz, compared with last year’s AISC of $1,335/oz.
Q4 net earnings rose to $479M, or $0.27/share, from $368M, or $0.21/share, in Q3, while revenues rose 6.9% Q/Q to $3.06B, slightly below analyst estimates.
Q4 gold production rose 1.4% Q/Q to 1.05M oz and the average realized price increased 3% to $1,986/oz, while copper production rose marginally to 113M lbs.
Barrick Gold (GOLD) also said its board authorized a program to buy back up to $1B of its shares over the next 12 months.
CEO Mark Bristow said despite picking up the pace in H2 2023, Barrick (GOLD) could not quite make up for the challenges it faced in H1, thus gold production fell slightly short of guidance.
The CEO also told Reuters he is not interested in “piecemeal” discussions when asked whether the company would consider bidding for any of First Quantum Minerals (OTCPK:FQVLF).
Bristow also said Barrick (GOLD) did not meet First Quantum (OTCPK:FQVLF) shareholders as part of any roadshow to gauge their support for a potential takeover.
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