{"id":1993983,"date":"2023-08-08T07:12:01","date_gmt":"2023-08-08T11:12:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/barrick-beats-quarterly-profit-estimates-on-higher-gold-prices\/"},"modified":"2023-08-08T07:14:13","modified_gmt":"2023-08-08T11:14:13","slug":"barrick-beats-quarterly-profit-estimates-on-higher-gold-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/barrick-beats-quarterly-profit-estimates-on-higher-gold-prices\/","title":{"rendered":"Barrick surpasses profit estimates with increased gold prices."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbarrick-beats-quarterly-profit-estimates-on-higher-gold-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1993983&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>(Reuters) -Barrick Gold Corp Beats Expectations with Strong \u2064Second-Quarter Profit<\/p>\n<p>The \u200cCanadian gold miner, Barrick Gold Corp,\u2063 exceeded analysts&#8217; expectations for\u2062 second-quarter profit, thanks to \u200dthe surge in prices of the precious metal.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ford-loses-billions-on-electric-cars-embraces-hybrids\/\" title=\"Ford loses billions on electric cars but embraces hybrids.\">company remains optimistic<\/a> about \u2064its full-year production outlook for \u200cgold and\u200b copper. It\u200c anticipates\u2064 higher output in the second half of the year, driven by improved performances from key mines such \u2064as the Carlin complex in Nevada, \u2063the Kibali gold\u2064 mine in the Democratic Republic of Congo, and the Lumwana copper \u2064mine in Zambia.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The average prices of gold during\u200b the reported quarter witnessed a 4.3% increase compared to the previous year, nearly reaching an \u2064all-time high in May. This surge was fueled by concerns over U.S. \u200cbanking and the rush to invest in safe-haven assets.<\/p>\n<p>Barrick Gold Corp benefited\u2063 from the higher prices of gold, resulting in a 6% rise in its average\u2062 realized gold prices, reaching $1,972 per ounce compared to the previous year.<\/p>\n<p>However, the all-in sustaining costs (AISC) for gold, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/barrick-beats-quarterly-profit-estimates-on-higher-gold-prices\/\" title=\"Barrick surpasses profit estimates with increased gold prices.\">crucial industry\u2062 metric reflecting total production expenses<\/a>, rose to $1,355 per ounce from $1,212 per ounce in\u2062 the same quarter of the previous year.<\/p>\n<p>The mining industry has been grappling with persistent inflation and soaring fuel prices following Russia&#8217;s invasion of Ukraine, along with labor shortages in the United States.<\/p>\n<p>In \u200dthe second quarter ending June 30, gold production\u200c declined by 3% to 1 million ounces compared to the previous year, \u2063while copper production stood at 107 million pounds, marking an 11% decrease from the previous year.<\/p>\n<p>According to Refinitiv IBES data, analysts had anticipated gold production of\u2064 1.09 million ounces on average.<\/p>\n<p>The\u200c Toronto-based miner reported adjusted earnings of 19 cents per share for the quarter, surpassing analysts&#8217; expectations of 17 cents.<\/p>\n<p>In contrast, rival \u200ccompany Newmont Corp fell short of second-quarter profit estimates\u200d due to lower production and higher costs.<\/p>\n<p>  (Reporting by Arshreet Singh; Editing by\u200b Shailesh Kuber)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/barrick-beats-quarterly-profit\/attachment\/file-photo-small-toy-figure-and-gold-imitation-are-seen\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Marcus Shroeder<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with \u2062Dan Geltrude<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Chris Elston<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with James Fotis<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>BENGALURU (Reuters) \u2013 South \u200cKorea\u2019s Hyundai Motor Group said on Tuesday it plans \u2062to launch more electric vehicles under the Hyundai \u2064and\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>BERLIN (Reuters) \u2013 German technology group Robert Bosch said on Tuesday that it will establish a joint venture with TSMC, Infineon and\u2026 \u200b <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>TAIPEI\u2064 (Reuters) \u2013 Taiwan Semiconductor Manufacturing\u2062 Co (TSMC) said on Tuesday that its board had approved \u200da 3.5 billion euro \u2063($3.8 billion)\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Gwladys Fouche OSLO (Reuters) \u2013 Meta Platforms is asking\u2064 a\u200b court in Norway to stop a fine the Nordic country\u2019s data\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Barrick Gold Corp exceeded Q2 profit forecasts, benefiting from increased gold prices. The Canadian miner also maintained its gold and copper production outlook for the year, expecting higher output in H2 to surpass H1 levels.<\/p>\n","protected":false},"author":66,"featured_media":1993984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1993983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1993983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1993983"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1993983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1993984"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1993983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1993983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1993983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}