Bristow said Barrick “has always believed that discovering ounces was better than buying them at a premium.” Newmont’s offer commands a 21% premium over Newcrest’s share price.
Last month, Barrick reported a 13.4% increase in gold production, as access to high-grade ore at its Cortez and Carlin mines in Nevada fueled a “strong end” to the fourth quarter. Quarterly profit was 13 cents a share, while analysts had expected 11 cents on average, according to Refinitiv IBES.
Annual production, however, was 4.1 million ounces of gold, down from 4.4 million ounces in 2021.
Barrick’s sustaining costs (AISC), an industry metric that reflects total expenses, rose to $1,242 per ounce of gold, up 28% from a year earlier. Its copper cost of production rose 21% to $3.18 a pound from $2.62 a pound.
Barrick expects costs to stabilize or decline slightly in 2023, with costs forecast to be between $1,170 and $1,250 per ounce for gold and $2.95 to $3.25 per pound for copper.
The company returned a record $1.6 billion to shareholders in 2022 through dividends and buybacks.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
