By Robb M. Stewart

Barrick Gold logged a jump in earnings in the final quarter of last year as it benefited from the soaring price of gold, though it flagged a drop in production of the precious metal this year with output in Mali suspended amid a dispute with the government.

The Canadian company, one of the world's largest producers of gold, recorded fourth-quarter net earnings of $996 million, or 57 cents a share, up sharply from $479 million, or 27 cents a share, a year earlier.

On an adjusted basis that strips out items including certain one-time costs and the impact of foreign exchange movements, earnings came in at 46 cents a share, ahead of the 42 cents consensus forecast of analysts polled by FactSet.

Revenue for the quarter was 19% higher at $3.65 billion, missing analyst expectations for $3.95 billion.

The price of gold has hit a series of fresh highs in 2025 after rising almost 30% last year amid heightened concerns around global trade and threats the White House will continue to hit countries with tariffs. The price Barrick received for its gold was about 34% higher on average than in the same quarter the year before, while its realized price per pound of copper was up about 4.8%.

Barrick's production of gold in the latest three-month period totaled 1.08 million ounces, up 15% from the prior quarter. That took gold output for the year to 3.91 million ounces, down 3.5% from 2023 but in line with Barrick forecast for annual output toward the lower end of a 3.9 million to 4.3 million ounces target.

The miner faced difficulties over the last year ramping up at its Pueblo Viejo operation in the Dominican Republic after expanding the plant there, and progress stabilizing the processing plant and lifting underground production at its Turquoise Ridge mine in Nevada was slower than it had anticipated. The Carlin mine in Nevada also was hit by a pit-wall failure early in the year.

In January, Barrick suspended operations in Mali as a dispute with the West African country's military regime ratcheted up. Mali's government late last year restricted gold shipments from Barrick's Loulo-Gounkoto mining operations near the border with Senegal and in January gold stocks were seized and moved to a custodial bank in a push by Mali for a greater share of mineral-resource exploitation.

President and Chief Executive Mark Bristow said Barrick remains open to constructive engagement with the Malian government and he continues to believe that a mutually beneficial solution can be found.

Fourth-quarter output of copper, in demand for electric vehicles and wind- and solar-energy generation, rose to 64,000 metric tons from 48,000 tons in the prior quarter. For the year, copper production rose 2.1% to 195,000 tons, in line with the company's guidance for 180,000 to 210,000 tons.

For 2025, Barrick forecast attributable gold production in a range of 3.15 million to 3.5 million ounces, excluding production from Loulo-Gounkoto while it is suspended. Attributable copper production for 2025 is projected to increase to 200,000 to 230,000 tons, driven by increased output at Lumwana in Zambia where the company has plans for a "super put."

Bristow acknowledged the ongoing issues in Mali remained an investor concern, which has weighed on Barrick's share price. He said the company would capitalized on what it views as an undervaluation by increasing share repurchases.

Barrick's board authorized a new program for the repurchase of up to $1 billion of the company's shares over the next 12 months at prevailing market prices. The company repurchased $498 million worth of its shares under its 2024 share buyback program.

The company's quarterly dividend of 10 cents a share was maintained, bringing the total annual dividend paid to shareholders to $696 million.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 12, 2025 06:53 ET (11:53 GMT)

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