Barrick Mining (formerly Barrick Gold) has recorded a 97% rise in net income for the second quarter of 2025 (Q2 2025), reaching $1.25bn, compared to $634m in the same period last year.
Net earnings per share increased to $0.47, remaining consistent when adjusted for certain items.
The mining major saw operating cash flow reach $2.5bn in the first half of the year, marking a 32% rise from the previous year. Free cash flow more than doubled to $770m, driven by higher commodity prices.
Barrick recorded improvements in production across all metrics. Gold production in the second quarter rose 5% compared to the first quarter, and copper production surged by 34%, bolstered by strong performance at Lumwana.
Nevada Gold Mines contributed a 11% increase in gold production, and Pueblo Viejo reported a 28% rise through enhanced throughput and expansion progress. The company confirmed that both gold and copper outputs are on track with annual targets, with copper production nearing the upper guidance range.
Barrick said that it continues its focus on long-term growth through exploration and reserve replacement. Drill testing is underway across various global sites including Canada, Nevada, Peru, and Tanzania.
Kibali’s brownfields programmes yielded promising outcomes, said the company. These are said to have reinforced Barrick’s goal to replace over 80% of the gold mined this year while maintaining a high replacement rate over three years.
Additionally, Barrick has reached an agreement to sell its Alturas Project in Chile for $50m upfront to a Boroo subsidiary, along with a 0.5% net smelter return royalty on gold and silver until two million ounces are produced. The proceeds will fortify Barrick’s balance sheet, fund future ventures, and ensure shareholder returns.
Key development projects also show progress, such as continued drilling at Fourmile and advancements at Reko Diq.
Barrick president and chief executive Mark Bristow said: “Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects.
“From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we’re demonstrating the strength and depth of our portfolio.”
