This is without a contribution from Porgera, which was placed on care and maintenance in April 2020 when the Marape government refused to renew the special mining licence for Barrick Niugini.

 

There is still no set date for the mine, which is now majority held by the PNG government, to restart.

 

But CEO Mark Bristow says Barrick continues to advance major projects which will drive value delivery in the long term through organic growth.

 

Commenting on the company's second quarter results, Bristow said improved performances from the Carlin complex in Nevada, the Kibali gold mine in the Democratic Republic of Congo and the Lumwana copper mine in Zambia have laid a sound foundation for production in the second half of the year which, as guided, is expected to surpass the first.

 

Key drivers of the higher anticipated second half results are the second quarter completion of major maintenance projects at Nevada Gold Mines and the commissioning of the plant expansion at the Pueblo Viejo gold mine in the Dominican Republic.

 

"Compared to the first quarter, gold production in the second quarter was up 6% at just over one million ounces while copper production increased by 22% to 107 million pounds.

 

"Operating cash flow rose by 7% to $832 million, net earnings increased by 143% to 17 cents per share, and adjusted net earnings increased by 36% to 19c per share. The quarterly dividend was maintained at 10c. Year-on-year, the total recordable injury frequency rate was reduced by 8% and greenhouse gas emissions were reduced by 12%.

 

The full report may be read at this address: https://tinyurl.com/3rm3tehf