Barrick’s adjusted net earnings soar, hikes dividend 14%
The world’s second largest gold miner, Barrick Gold, on Monday announced strong second-quarter financial results, with adjusted net earnings surging to $415-million and free cash flow soaring to $522-million.
Adjusted net earnings rose from $285-million in the first quarter and $154-million in the prior-year comparable quarter. Adjusted net earnings a share was 23c, up 44% from the first quarter and, according to the company, well ahead of the market consensus.
Barrick generated $1.03-billion in net cash in the quarter under review, which president and CEO Mark Bristow said demonstrated the quality of the group’s assets, management’s ability to capture the full benefit of higher gold prices, effective operational execution and the group’s deft handling of the Covid-19 pandemic’s impact.