In the three months to September 30, the Africa region of Barrick Mining Corporation delivered the largest quarter-on-quarter increase of all the Barrick regions. Moreover, the costs of the Africa region were down across the board, resulting in a 65% quarter-on-quarter increase in attributable earnings before interest, taxes, depreciation and amortisaion (Ebitda). Not only was the Africa region’s year-to-date gold output the highest but the region’s realised costs were also the lowest, leading to the Ebitda leap as well as a free cash flow jump.
The president and CEO of Barrick, Dr Mark Bristow, is stepping down after elevating the New York and Toronto-listed gold and copper mining company to great heights in fewer than seven years. After his high-flying Randgold Resources merged with the then low-flyng Barrick in 2019, South African-born Bristow led the hugely successful integration of the two companies, and during his tenure made very fruitful investments in Barrick’s world-class assets to boost profitable gold and copper growth.
Harmony Gold Mining Company, South Africa’s biggest gold mining company, is proving itself to be a great South African asset and it’s booming at the moment, not only because the gold price is so high, but also because this Johannesburg Stock Exchange-listed company has structured itself so well to mine at a depth greater than any other gold mining company on planet earth. Specifically, South Africa saw a phenomenal performance from the gold mine with the world’s deepest shaft – Mponeng – which delivered a wonderfully high grade of 11.27 g/t.
Fourmile is rapidly competing to be the largest and highest-grade gold discovery in the industry this century, Barrick CEO Dr Mark Bristow enthused during the quarterly presentation of the New York- and Toronto-listed gold and copper mining company earlier this week. The potential of the Fourmile orebody is growing like Topsy and in addition to size, grades are burgeoning and cost expectations are declining.
Africa received a strong thumbs up during the second-quarter presentation of Barrick as one of its “main cash generators”. “We saw solid performance across the portfolio,” Barrick CEO Dr Mark Bristow outlined at the event covered by Mining Weekly. (Also watch attached Creamer Media video.)