Barrick Mining (TSX:ABX), as the major is now known following a recent name change, is hastening its efforts to find current CEO Mark Bristow’s successor.
Bristow has committed to steer the world’s third largest gold miner through to 2028, having accepted the top job back in 2019, but says the process is now more formal with the board involved in finding his replacement.
The news follows Barrick’s 61% year-on-year growth in first-quarter 2025 net earnings which came in at US$474 million ($733.5 million) thanks to record high gold prices.
Quarterly gold production hit the top end of the miner’s guidance at 758,000 ounces, while copper production climbed to 44,000 tonnes year over year.
Barrick booked an average realised gold price for the quarter of US$2,898 per ounce, up 40% from the first quarter of 2024.
Net earnings per share increased 59% year over year to US$0.27, with adjusted net earnings per share rising by 84% year over year to US$0.35. Operating cash flow of US$1.2 billion was also up 59%.
Barrick, meanwhile, notes that free cash flow of US$375 million improved materially compared to the first quarter of 2024, driving net debt reduction of 5% over the quarter.
This has culminated in the board again committing to a quarterly dividend of US$0.10 per share after having completed a share buyback and returning US$143 million to shareholders.
However, Barrick’s Mali operations are a point of contention, with the company having to spend $15 million a month on its 11-million-ounce Loulo and 5.1-million-ounce Gounkoto mines, despite being unable to operate since mid-January.
Operations were temporarily suspended following an ongoing dispute between Barrick and the Mali Government over the existing mining conventions.
Barrick is trying to advance negotiations and is undertaking formal arbitration proceedings after four of the company’s workers were arrested and the company was threatened with asset seizures.
Write to Angela East at Mining.com.au
Images: Barrick Mining
