What is the market's earnings forecast for Barrick Mining next quarter?

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Did Barrick Mining beat or miss consensus estimates last quarter?

What does Barrick Mining do and what are its main business segments?

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What were the key takeaways from Barrick Mining’s earnings call?

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What were the key takeaways from Barrick Mining's earnings call?

- **Record Financial Performance**: Q2 EPS of $0.47, highest since 2013, driven by 15% YoY gold production growth and $1.33 billion free cash flow.
- **Cost Efficiency**: 5% AISC reduction year-over-year, with Lumwana targeting sub-$3/lb copper costs.
- **Strategic Growth**: $1 billion Fourmile discovery in Nevada and Lumwana expansion on track for 240,000 t/y copper by 2026.
- **Capital Allocation**: $1 billion buyback program underway, with $753 million returned to shareholders year-to-date.
- **Operational Excellence**: 50% LTI reduction and 37% fewer injuries highlight safety culture.

**【CEO Summary Section】**
- **Q2 Production and Revenue Growth**: Barrick achieved record quarterly adjusted EPS of $0.47, the highest since 2013, driven by a 15% year-over-year increase in attributable gold production and a 35% rise in free cash flow to $1.33 billion. The North American portfolio, led by Nevada Gold Mines, saw gold production increase by 12% quarter-over-quarter.
- **Cost Control and Margin Improvement**: All-in sustaining costs (AISC) decreased by 5% year-over-year, with Nevada Gold Mines and Pueblo Viejo leading cost reductions. The company maintained a net cash position, enabling $753 million in shareholder returns through buybacks and dividends.
- **Project Progress**: The Fourmile discovery in Nevada is expanding with potential to double current resources, while Lumwana's super pit expansion in Zambia is on track to deliver 240,000 tonnes of copper annually by 2026 with AISC under $3/lb.
- **Strategic Asset Sales**: The $1 billion sale of the Donlin Gold project and planned divestments of Hemlo and Tongon assets reflect disciplined capital allocation, freeing up $1 billion for buybacks.
- **Health and Safety**: Lost Time Injury (LTI) rate improved by 50% year-over-year, with 37% fewer total injuries, driven by critical control verification programs.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $420 million and Non-GAAP EPS of $1.08 exceeded expectations, supported by a 35% increase in free cash flow to $1.33 billion. The company returned $753 million to shareholders, including a $0.15 per share dividend with a $0.05 performance top-up.
- **Balance Sheet Strength**: Net cash position of $2.2 billion allowed for $411 million in share buybacks year-to-date, with $1 billion allocated for 2025. The performance dividend policy ensures returns align with operational performance.
- **Cost Efficiency**: AISC reductions across the portfolio, including a 10% decline at Lumwana, reflect operational excellence and cost control.

**【Q&A Key Highlights】**
- **Loulo-Gounkoto Update**: Arbitration tribunal constituted with interim relief measures sought to protect assets. The company remains engaged in treaty-based discussions with Mali authorities.
- **Fourmile Timeline**: Targeting a scoping study by year-end to assess feasibility, with potential to blend high-grade ore into Nevada Gold Mines' processing facilities.
- **Lumwana Power Expansion**: Partnership with First Quantum to unlock 500 MW of grid power through STATCOMs and redundant power lines, supporting expansion without diesel reliance.
- **Tanzania Regulatory Compliance**: 20% in-country gold sales requirement implemented with a 3% duty waiver, managed through Central Bank-assisted sales.
- **Asset Sales Strategy**: Hemlo and Tongon sales expected to complete in 2025, with proceeds allocated to buybacks and growth projects.
- **Saudi Arabia Expansion**: Jabal Sayid copper mine expansion underway, leveraging Ma'aden's infrastructure for low-cost production and export opportunities.

Barrick Mining Corporation (B) Q2 2025 Earnings Call Transcript

- **Portfolio Restructuring Success**: $1B Donlin sale and Hemlo divestiture streamline assets, freeing capital for high-margin projects.\n- **Copper Growth Engine**: Lumwana expansion and Reko Diq Phase 1 ($1.4B) position for $3+ copper price upside.\n- **Operational Excellence**: Pueblo Viejo on track for 800k oz/year by 2026; Fourmile grades double Goldrush with 16 rigs drilling.\n- **Sustainability Leadership**: 80%+ water efficiency, 31,000+ risk controls, and 18 families relocated under IFC standards.\n- **Financial Resilience**: $420M net income, 5% opex decline, and $14M share buybacks despite Mali costs of $15M/month.

**【CEO Opening Remarks】**
- **Q1 2025 Highlights**: Production at top of guidance, $1B sale of Donlin asset, and $14M share buyback program. Copper production on track for full-year targets.\n- **Strategic Portfolio Shift**: Transition to focus on Tier-1 gold assets with growing copper portfolio. Reko Diq project moves to construction phase with $10B Phase 1 investment.\n- **Operational Momentum**: Pueblo Viejo ramping up to 800k oz/year by 2026; Fourmile drill program shows grades double Goldrush.\n- **Sustainability**: 31,000+ critical control verifications, 80%+ water efficiency, and 18 families relocated under IFC standards at Reko Diq.\n- **Risk Management**: Mali operations under care & maintenance, costing $15M/month; exploring Brownfield growth in Canada and US.\n
**【CFO Financial Update】**
- **Q1 Financials**: GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.95 consensus). Free cash flow growth driven by higher gold prices ($1,900/oz realized).\n- **Cost Control**: Operating expenses down 5% YoY; sulfur concentrate production costs $70/tonne vs. $300/tonne prilled sulfur.\n- **Capital Allocation**: Proceeds from Donlin sale to reduce debt, buyback shares, and fund growth projects.\n- **Dividend Policy**: Maintain $0.10/share dividend while prioritizing balance sheet strength.\n
**【Q&A Key Themes】**\n- **Donlin Sale**: Valued at NOVAGOLD's market cap; frees capital for higher-margin projects like Fourmile.\n- **Copper Strategy**: Lumwana expansion ($1.4B Phase 1) and Reko Diq (37-year reserve life) positioned to benefit from $3+ copper price.\n- **Mali Challenges**: Engaging in exit arbitration; seeking negotiated solution to avoid prolonged legal battle.\n- **Succession Planning**: Board-led process with 12-month rolling program; focus on internal talent development.\n- **Tailings Value**: Phoenix copper credits and Golden Sunlight sulfur recovery reduce costs by $230M+ annually.

Barrick Gold Corporation (GOLD) Q1 2025 Earnings Call Transcript

- **Revenue beat by $200M**: Q3 $12.3B (+12% YoY) driven by 22% North America growth
- **Profitability surge**: 200bps margin expansion to 24.5%, $300M cost savings
- **AI investment payoff**: $2B+ annual R&D, targeting 20%+ CAGR in AI revenue
- **Shareholder returns**: $10B buyback announced; 40% of FCF allocated to buybacks in 2024
- **China stabilization**: Sequential improvement in Q3 China revenue (-15% YoY)
- **Guidance confidence**: Q4 $12.5-13.0B (10-13% YoY growth), >$10B annual FCF


**【CEO Opening Remarks】**
- Q3 revenue reached $12.3B, up 12% YoY, exceeding guidance range of $11.8-12.2B.
- North America revenue surged 22% YoY to $5.8B, driven by enterprise cloud adoption.
- Announced $10B share buyback program to return capital to shareholders.

**【CFO Financial Breakdown】**
- GAAP EPS of $0.98 vs. $0.85 consensus; Non-GAAP EPS $1.25 vs. $1.12 est.
- Operating margin improved 200bps to 24.5%, benefiting from $300M cost savings initiatives.
- Free cash flow of $3.2B, up 15% YoY, with $2.1B returned via buybacks/dividends.

**【Q&A Highlights】**
- **AI Strategy**: $2B+ annual R&D investment in generative AI; expect 20%+ CAGR in AI-related revenue.
- **China Market**: Regulatory environment stabilizing; Q3 China revenue down 15% YoY but sequential improvement.
- **Supply Chain**: 90%+ component availability; no material impact from U.S.-China tech decoupling.

**【Forward Guidance】**
- Q4 revenue $12.5-13.0B (vs. $12.4B est.), implying 10-13% YoY growth.
- Full year free cash flow >$10B; leverage ratio target <2.5x by end-2024.
- 2024 capital allocation: 40% buybacks, 30% dividends, 30% growth investments.


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