Barrick Mining (ABX) Q4 2023 earnings summary

Executive summary

• 2023 revenue was $11.397B; operating cash flow reached $3.732B, up 7% YoY, and free cash flow rose 50% to $646M.

• Full-year attributable production totaled 4.05Moz of gold and 420Mlb of copper; reserve depletion replacement was 109% for gold and 124% for copper.

• Q4 gold production improved on stronger results at Cortez, Phoenix and Pueblo Viejo; Porgera recommissioning began with restart targeted for Q1 2024.

Financial highlights

• Revenue was $11.397B in 2023 versus $11.013B in 2022; net earnings were $1.272B versus $432M.

• Adjusted net earnings were $1.467B versus $1.326B; adjusted net earnings per share was $0.84 versus $0.75.

• Net earnings per share was $0.72, up 200% YoY; operating cash flow was $3.732B and free cash flow was $646M.

• Q4 realized gold price was $1,986/oz; full-year attributable capital expenditures were $2.363B, described as stable and in line with plan.

Outlook and guidance

• The five-year outlook reflects the current operating portfolio, sustaining projects and exploration initiatives; it assumes continued conversion of resources into reserves.

• Outlook assumptions include Porgera restarting, indicative Reko Diq gold and copper production, and a conceptual copper profile for the Lumwana Super Pit expansion.

• Lumwana Super Pit targets first production in 2028; the feasibility study is underway, with completion targeted for early 2025.

• Fourmile's 2024 evaluation program will test 2km of prospective strike, with a prefeasibility study targeted to commence by year-end.

• Pueblo Viejo's expansion is designed to raise throughput to 14Mtpa and sustain annual gold production above 800,000oz on a 100% basis; ramp-up work continues through 2024.