Barrick Gold (ABX) has reported second-quarter net income of $305 million, down 38% from $488 million a year earlier.
Gold production in Q2 declined 3% to one million ounces from a year earlier, while copper production was down 11% from the same period in 2022.
Analysts, on average, were expecting gold production of 1.09 million ounces in the quarter ended June 30, according to Refinitiv data.
The Toronto-based mining company managed to post quarterly earnings of $0.19 per share, which beat the consensus forecasts of analysts who expected earnings per share of $0.17.
Barrick Gold attributed the earnings beat to higher gold prices, which rose 4.3% in Q2 from 2022 levels and nearly reached an all-time high above $2,000 U.S. an ounce in May.
The company maintained its full-year production outlook for gold and copper, saying output in the second half of the year should improve, bolstered by better performances at several mines.
As part of its Q2 results, Barrick Gold announced a quarterly dividend payment of $0.10 per share.
Barrick Gold’s stock has declined 10% so far in 2023 to trade at $22.02 per share.