By Adriano Marchese


Barrick Gold on Tuesday reported a decline in second-quarter profit, weighed down by lower production and higher costs in the period.

The Canadian mining major reported a decline in net income to $305 million, or 17 cents a share, from $488 million, or 27 cents a share, a year earlier.

Adjusted earnings were also lower, falling to 19 cents a share from 24 cents a share while analysts polled on FactSet expected a greater decline to 17 cents.

Barrick Gold reported sales in the period edged lower to $2.83 billion from $2.86 billion, which missed analyst expectations of a rise to $2.9 billion.

Gold production was lower, at 1.01 million ounces from 1.04 million ounces a year earlier while the all-in sustaining cost rose 12% to $1,355 an ounce from $1,212 an ounce. Realized gold prices were higher, however, at $1,972 an ounce from $1,861 an ounce.

Copper production was also lower, declining 11% to 101 million pounds, and all-in sustaining costs rose to $3.13 a pound compared with $2.87 a pound.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

08-08-23 0640ET