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Barrick Mining (ABX) investor relations material
Barrick Mining Mining Forum Americas Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Conference highlights
Gold prices reached record highs, increasing industry attention and volatility, while the company maintained a disciplined strategy focused on building a best-in-class gold and copper business.
Q2 2025 results were strong, with adjusted earnings at $0.47 per share, the highest since 2013, and a net cash position supporting a 15¢ dividend, including a 5¢ top-up.
Nearly $7 billion has been returned to shareholders since the merger, with $753 million distributed in the first half of the year through dividends and buybacks, all without raising equity or new debt.
Reserves per share have grown 29% in gold and 71% in gold equivalents since the merger, with copper now contributing meaningfully; 111 million gold equivalent ounces were added through exploration at $10 per ounce.
The portfolio is positioned for over 30% growth in gold equivalent ounces by 2029, driven by organic projects like Pueblo Viejo, Goldrush, Lumwana, Reko Diq, and Fourmile.
Financial performance and shareholder returns
Net earnings per share reached $0.47 in Q2 2025, up 124% year-over-year, with the highest adjusted net earnings per share since 2013.
$268 million in share buybacks executed in Q2, with $411 million in buybacks and $342 million in dividends allocated in H1 2025.
$6.7 billion returned to shareholders since 2019, supported by a $1 billion buyback program and consistent dividend policy.
Operating cash flow of $2.5 billion and a strong net cash position of $73 million as of Q2 2025.
Material outperformance in the market since Q2 results, reflecting recognition of growth and value.
Growth projects and production outlook
All regions are on track to meet 2025 production and cost guidance, with over $2 billion in value unlocked from Donlin and Hemlo.
Major growth projects include Goldrush, Lumwana Super Pit expansion, Reko Diq, Pueblo Viejo expansion, and Fourmile, all progressing on schedule.
Goldrush is ramping up to ~400koz gold per year by 2028, with a mine life exceeding 28 years.
Lumwana expansion will double copper output to 240kt per year from 2028, extending mine life by 16 years.
Reko Diq is set for 37 years of mine life, producing up to 460kt copper and 520koz gold annually in Phase 2.
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