Barrick Gold has announced its 2023 full year operational and financial results, noting a strong performance in the fourth quarter that boosted its results. The company capitalized on a record gold price in late 2023.
The company said in a statement that its revenue for 2023 was up 3% to $11.4 billion, from $11.0 billion a year earlier. Meanwhile, net earnings attributable to shareholders almost tripled to $1.27 billion, from just $432 million in 2022.
Adjusted net earnings of the company were up 11% to $1,47 billion in 2023, from $1.33 billion in 2022.
Earlier this year, Barrick reported that it has achieved gold and copper production guidance for 2023.
The company produced 4.05 million ounces of gold and 190 500 tons of copper last year. Meanwhile in 2022, the production amounted to 4.14 million ounces of gold and 199 500 tons of copper. In the fourth quarter of 2023 Barrick produced 1.05 million ounces of gold and 51 255 tons of copper.
The company's production guidance for the full year was 4.2 - 4.6 million ounces of gold and 190 500 - 213 188 tons of copper.
“In true Barrick fashion, we kept our focus, dealt with the challenges, progressed our long-term strategic plans and delivered on some of our key objectives. Most significantly, we have sustained our industry-leading organic growth outlook and are still projecting a 30% increase in gold equivalent production by the end of this decade,” said the company's CEO Mark Bristow.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
