Barrick Mining Corp Net Earnings Rise to $1.22 Billion
The gold and copper producer reported a 44% increase in quarterly revenue to $5.29 billion
Barrick Mining Corporation (B), the gold and copper producer, reported net earnings of $1.22 billion for the second quarter of 2026, a 50% increase year-on-year. The company said the growth was driven by higher realized gold and copper prices. Revenue for the quarter rose 44% to $5.29 billion from $3.68 billion in the prior-year period.
Gold production totaled 796,000 ounces, exceeding the guidance range of 730,000 to 770,000 ounces. The company attributed this performance to the ahead-of-schedule restart of Loulo-Gounkoto, a faster-than-expected recovery at Pueblo Viejo following planned maintenance in the first quarter, and record underground tonnes mined at Cortez. Copper production decreased 5% year-on-year to 56,000 tonnes.
Operating costs rose across both primary metals. Gold all-in sustaining costs (AISC) were $1,866 per ounce, up 11% compared to the second quarter of 2025. The company cited lower processed grades at North Mara, Cortez, and Carlin, alongside higher fuel costs and royalties from stronger realized gold prices, as the primary drivers. Copper AISC rose 36% year-on-year to $3.95 per pound, which the company attributed to higher fuel prices and royalties.
Barrick reached an agreement with Newmont to expand the Nevada Gold Mines Joint Venture by vending in excluded properties, including Fourmile from Barrick and Mike and Fiberline from Newmont. Newmont will pay Barrick a top-up payment of $1.95 billion in cash within 30 days. The agreement resolves all outstanding disputes related to the joint venture.
Shareholder returns increased 242% year-on-year to $1.50 billion. This included a quarterly dividend of $0.175 per share and the repurchase of $1.209 billion of shares under a $3.0 billion buyback program.
For the full year 2026, gold production guidance remains 2.90 to 3.25 million ounces. Copper production guidance is unchanged at 190,000 to 220,000 tonnes. Total attributable capital expenditure was reduced to a range of $3.8 billion to $4.2 billion from a previous estimate of $4.0 billion to $4.45 billion, primarily due to decreased spending at the Reko Diq project.
The company is advancing an initial public offering of a minority stake in a new company comprising its North American gold assets, including Nevada Gold Mines and Pueblo Viejo. Barrick expects to complete the IPO by the end of 2026.