Barrick Mining has posted a strong 2025 third quarter, producing 829,000 ounces (oz) of gold just a month after the price of the precious metal surged past $US4000/oz for the first time.
The miner’s gold production was four per cent higher than the previous quarter (Q2), with the overall amount supported by a strong 180,000oz from its Latin America and Asia-Pacific operations, including the Porgera mine in Papua New Guinea (PNG).
Porgera itself continues to be a strong contributor as one of PNG’s largest mines, with Barrick’s report detailing a 24.5 per cent equity method investment for gold in the mine.
The mining giant’s quarterly results ride the momentum of gold’s price surge, with the current price of $US4139 driven by intensifying global uncertainty and renewed safe-haven demand.
The $US4000 breach in October underscored tailwinds that pushed the metal’s price higher, such as the softening of the US dollar, expectations of further interest rate cuts in the US, and sustained demand from central banks.
Barrick noted that it is on track to deliver a full year of gold and copper production and all-in sustaining cost (AISC) guidance, just as its Fourmile project in the US state of Nevada hit a “generational” gold discovery.
The company said an updated preliminary economic assessment (PEA) confirmed Fourmile is one of “this century’s most significant” finds, hosting a rare combination of grade, scale and exploration upside.
Fourmile’s PEA detailed that it could produce up to 750,000 ounces of gold annually over the next 25 years, an estimate on which Barrick is eager to build.
Barrick chief executive officer (CEO), group chief operating officer and interim president Mark Hill said the overall higher gold production, combined with lower costs and strong commodity prices, is what drove the “record” cash flow for the company in the third quarter.
“This allowed us to significantly increase share repurchases while also making progress on our key growth projects, maintaining our industry-leading balance sheet,” Hill said.
In addition to the strong gold production, Barrick posted $US4.1 billion in revenue and $US1.5 billion in free cash flow.
Its net earnings also reached $US1.3 billion, a 61 per cent increase from the previous quarter, while adjusted net earnings stood at $US982 million, a 23 per cent quarter-on-quarter increase.
“The quality of our portfolio is undeniable, and the opportunity in front of the Barrick team is significant,” Hill said.
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
