Barrick Gold Corporation, the world’s second-largest gold maker after Newmont (ASX:NEM), joined its biggest rival in reaping benefits from rising gold and copper costs in the three months to June.
Newmont got another boost with the purchase of Newcrest, which boosted its profits to more than triple last year’s, achieving $838 million in the June quarter.
Although Barrick took a profit from an acquisition, emerging gold prices especially boosted its earnings and gains in the second quarter.
The company reported a 19 percent increase in average learned gold prices to $2,344 per ounce (from $1,972 a year ago) and a 22 percent increase in prices to $4. 53 per pound (from $3 per pound). a year ago). . 70 a year ago).
Although copper’s rise slowed in August, gold prices continue to rise, topping $2,500 an ounce this week, paving the way for a strong quarter for the company (and for Newmont).
Barrick expects lower prices and higher production in the December half, which, combined with the emerging value of gold, portends a stronger six-month generation ahead.
The Company benefited from higher production at its Nevada and Papua New Guinea (Pogera) mines, with gold production reaching 948,000 ounces in the quarter ended June 30, exceeding analyst estimates of 905,800 ounces. This represents a slight increase of 8,000 ounces from 940,000. ounces in the first quarter.
Barrick reaffirmed its annual gold production outlook of 3. 9 million to 4. 3 million ounces, compared with analysts’ expectations of four million ounces and last year’s 4. 05 million ounces.
However, copper production fell to 43,000 tonnes in the June quarter from 48,000 a year ago, offsetting higher average prices.
For the second quarter, the company posted a profit of $3. 162 billion, up from $2. 833 billion a year ago, and a net source of profit of $370 million, up from $305 million a year ago. year.
During the half-year, profit amounted to $5,909 million, compared to $5,476 million in the previous year, and the net profit source reached $665 million, an increase of 56% compared to $425 million. dollars from the previous year.
Barrick was optimistic about key projects aimed at boosting production and expanding its asset base in the medium term.
These include the recently licensed Goldrush mine in Nevada, which is expected to reach annual production in excess of 400,000 ounces through 2028, and the adjacent Fourmile project, wholly owned by Barrick, which has the prospect of a new Tier One mine generating more than 500,000 ounces of gold annually for more than two decades.
In the Dominican Republic, Pueblo Viejo is completing an expansion task to increase gold production to more than 800,000 ounces beyond 2040.
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Deep Leads Resource Increases Across the Board: Quality, Tonnage and Target Zone ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at the rare ion adsorption clay earth deposit ( IAC) from Deep Leads in northern Tasmania. The accumulation at MRE comes from 36 assayed exit wells, representing a significant northward extension to the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding memorandums of understanding within 10 days. Ford Company (Ford) has signed a memorandum of understanding for about 25,000 t/year and last week, Hanwa, a Japanese commodity trader, signed a memorandum of understanding for up to 25,000 t/yr. Subject to execution, this is a feat as Ford and Hanwa are prepared to engage in long-term strategic partnerships with LKE. Commercial negotiations are still ongoing but should, namely whether Ford and Hanwa will inject new capital into LKE, removing additional risks in financing the task and thus ensuring that LKE and Kachi are fully funded.
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Lately, TMG is completing paints in preparation for the PFS planned for early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and authorization activities. The effects of these systems will affect the PFS and any long-term resource improvements.
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WT Financial Group Limited (WTL) is a developing diversified monetary company, founded in 2010 and indexed on the Australian Stock Exchange (ASX) in 2015. Its recommendations and product offerings are provided primarily through an organization of monetary advisors independents who act as legal representatives. of WTL under its broker organization businesses Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisors in over two hundred money advice companies across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). It was so inspired by IMM that Corporate Connect deemed it imperative to publish a follow-up report valuing the company, as the market did not see the great prospects for eftilagimod alfa (efti).
This monitoring report was published today. Using comparables, after adding a monetary rebate to its EV estimate and dividing by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at A$2. 20.