Canadian mining giant Barrick Mining Corporation posted stronger-than-expected first-quarter earnings, buoyed by record gold prices, improved operational performance and growing copper output, while also unveiling a massive share buyback programme aimed at boosting shareholder returns.
The company, formerly known as Barrick Gold, reported adjusted earnings of 98 cents per share for the quarter ended March 31, beating analysts’ expectations of 78 cents per share. Net earnings tripled year-on-year to $1.6 billion as soaring bullion prices offset lower gold production.
Barrick said its average realized gold price rose sharply during the quarter, helping drive strong free cash flow and strengthen its balance sheet. The company generated $1.2 billion in free cash flow, up 195% from the same period last year, while maintaining a net cash position of $2.4 billion.
The miner produced 719,000 ounces of gold in the first quarter and 49,000 tonnes of copper, representing an 11% increase in copper output compared with a year earlier. Barrick attributed the gains to improved operational execution and stronger performance across key assets.
Chief executive Mark Hill said the company’s performance reflected “strong operational execution” and disciplined cost management amid favourable commodity prices. Barrick also maintained its full-year production guidance, with expectations of higher output in the coming quarters from operations in Mali, Nevada and the Democratic Republic of Congo.
The company highlighted progress in Zambia, where expansion plans for its Lumwana copper mine remain central to its long-term strategy of increasing exposure to copper, a metal seen as critical for the global energy transition.
Barrick has been repositioning itself as a diversified gold and copper producer, a strategy reflected in its corporate rebranding last year.
Investor sentiment was further boosted after Barrick’s board approved a share repurchase programme of up to $3 billion. The miner said the buyback initiative would return excess cash to shareholders following strong earnings and cash generation.
The announcement sent Barrick shares sharply higher. The stock rose more than 9% on Monday trading, outperforming peers in the mining sector after investors welcomed both the earnings beat and the buyback plan.
Barrick is also progressing with plans to create a separately listed North American-focused entity that would house some of its premier gold assets, including Nevada Gold Mines and Pueblo Viejo. Analysts estimate the proposed unit could unlock substantial shareholder value.
The company signaled it would continue reshaping its portfolio by divesting higher-risk assets and focusing on operations in stable mining jurisdictions.
Barrick is currently evaluating strategic options for some African assets as it seeks to streamline operations and strengthen returns.