Barrick Gold ( NYSE: GOLD ) -0.2% pre-market Wednesday after reporting slightly better than expected Q4 adjusted earnings , citing strong performances at its Cortez and Carlin mines in Nevada.
Barrick ( GOLD ) swung to a Q4 net loss of $735M, or $0.42/share, from a year-ago profit of $726M, or $0.39/share, and sales fell to $2.77B from $3.31B in the year-earlier quarter.
Q4 gold production rose 13% Q/Q to 1.12M oz at a realized gold price of $1,728/oz, up from Q3's output of 988K oz at a realized price of $1,722/oz, while all-in sustaining costs ticked lower to $1,242/oz from $1,269/oz in the prior quarter.
The company said access to high-grade ore at its Nevada mines powered a "strong finish" to Q4.
Q4 copper production tumbled 22% Q/Q to 96M lbs from 123M lbs in Q3, with all-in sustaining costs rising to $3.98/lb from $3.13/lb.
Barrick ( GOLD ) authorized a stock buyback program of up to C$1B (US$750M) over the next 12 months, after returned a record US$1.6B to shareholders in 2022 through dividends and buybacks.
Barrick Gold ( GOLD ) shares have stayed roughly flat so far this year after losing 14% during the past year .
For further details see:
Barrick Gold posts narrow Q4 earnings beat, plans $1B stock buyback