Barrick Mining (ABX) Q4 2024 earnings summary

Executive summary

• Achieved highest net earnings in a decade, with 2024 net earnings up 69% to $2.14B and EBITDA up 30% year-over-year; margins expanded both quarterly and annually.

• Adjusted net earnings per share rose 50% year-over-year to $1.26; quarterly dividend maintained at $0.10 per share.

• Returned $1.2B to shareholders in 2024 via $498M in buybacks and $700M in dividends; $354M repurchased in Q4.

• Gold and copper reserve replacement was strong, with significant additions from Lumwana and Reko Diq projects.

• Sustainability focus included no Class One environmental incidents and industry-leading water use efficiency at 85%.

Financial highlights

• Q4 revenue was $3.65B, up 8% sequentially; full-year revenue reached $12.92B, up 13% year-over-year.

• Q4 net earnings were $996M, up 106% sequentially; full-year net earnings $2.14B, adjusted net earnings $2.21B.

• Operating cash flow for 2024 was $4.49B, up 20%; free cash flow more than doubled to $1.32B.

• Net debt at year-end was $655M after significant shareholder returns.

• Gold production increased 15% quarter-on-quarter; cost of sales and total cash costs declined.

Outlook and guidance

• Targeting 30% growth in gold equivalent ounces by decade's end, reaffirmed in five- and ten-year outlooks.

• 2025 gold production expected at 3.15–3.5Moz (excluding Loulo-Gounkoto during suspension); copper at 200–230kt.

• Attributable capital expenditures for 2025 guided at $3.1–$3.6B, with ~$1B for Reko Diq and $600M for Lumwana.

• Loulo-Gounkoto excluded from 2025 guidance due to suspension; production assumed to resume March 1, 2025, for forecasts.

• Renewed $1B share buyback program for 2025.