Barrick Gold Posts Mixed Q2 Performance, Pueblo Viejo Expansion Project On Track
Portfolio Pulse from Lekha Gupta
Barrick Gold Corp (NYSE:GOLD) reported a 1% Y/Y decline in Q2 2023 revenue to $2.83 billion, missing the consensus of $3.40 billion. Gold production and sales also decreased by 3% and 4% Y/Y respectively. However, the company saw improved performances at Carlin, Kibali and Lumwana assets. The average realized gold price rose 6% Y/Y to $1,972 per ounce, while copper production declined 11% Y/Y. The company reiterated its 2023 outlook and announced progress on the Pueblo Viejo expansion project.
August 08, 2023 | 2:25 pm
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Barrick Gold Corp reported a decline in Q2 2023 revenue and gold production, but saw improved performances at certain assets. The company also announced progress on the Pueblo Viejo expansion project.
Barrick Gold Corp's reported decline in Q2 2023 revenue and gold production is likely to negatively impact the company's stock price in the short term. However, the improved performances at certain assets and the progress on the Pueblo Viejo expansion project could potentially offset some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100