Barrick Gold Earnings: Elevated Gold Prices Outweigh Lower Sales Volumes, Higher Unit Costs

No-moat Barrick Gold’s 2024 second-quarter attributable sales of about 960,000 ounces were 5% higher than the prior quarter, but 4% lower than a year ago. The decline on last year reflects lower production in line with mine plans. First-half sales volumes of about 1.9 million ounces fell 5% on last year, but were similar to our expectations and guidance, which it reiterates. Sales volumes are likely to increase further through 2024, led by the larger mines. Increased production due to higher grades at its 62%-owned Nevada Gold Mines joint venture, along with a second-half ramp-up at the 60%-owned Pueblo Viejo joint venture and 25%-owned Porgera mine are the main drivers. We continue to forecast 2024 sales of around 4.1 million ounces, similar to 2023.