Barrick Gold Corp. saw a decline in its earnings for the second quarter as gold production fell, the company reported in a statement.
- Revenue fell to $2.893 billion from $3.055 billion in the previous quarter. Net earnings dropped to $411 million from $538 million, and adjusted net earnings per share were unchanged at $0.29.
- Realized gold prices for the quarter climbed to $1,820 per ounce from $1,777 the previous quarter, but production fell to 1.041 million ounces from 1.101 million ounces. Copper production climbed to 96 million pounds from 93 million.
- Production for the quarter was hit by the failure of a mechanical mill at Carlin, but the company said it remains on track to hit its guidance for 2021.
President and Chief Executive Mark Bristow said reserves have declined, and high-quality development projects have gone into a shortage due to the tendency to harvest the gold price instead of investing in the future. GOLD is down 1.80%.