Barrick Gold Corp. has been involved in a flurry of activity including its acquisition of Randgold Resources and the formation of a joint venture in Nevada with Newmont Goldcorp.
On Aug. 11 the company reported second quarter earnings that nearly doubled from a year ago while also making a number of other announcements, including that all the mining operations north of Carlin, NV under the new Nevada Gold Mines joint venture between Barrick Gold Corp. and Newmont Goldcorp Corp. will now be called the Carlin Mine.
Barrick president and chief executive officer Mark Bristow said the complex of underground and openpit mines and processing facilities “will be known as the Carlin Mine going forward.” Those mines include the Gold Quarry openpit, Leeville underground, Goldstrike’s openpit Betze-Post operation and Meikle and Rodeo underground mines as well as additional former Newmont pits and underground operations on the Carlin Trend.
The joint venture is 61.5 percent owned by Barrick and 38.5 percent owned by Newmont Goldcorp.
The Elko Daily News reported that Barrick’s earnings were up in the second quarter to $194 million, or 11 cents per share. Net earnings for the quarter compared with a net loss of $94 million, or 8 cents per share, in the second quarter of 2018, and adjusted net earnings for the 2019 quarter totaled $154 million, or 9 cents per share. That compared with adjusted net earnings in the 2018 quarter of $81 million, or 7 cents per share.
Bristow said the adjusted net earnings were “in line with the market across the board.”
During the conference call, Bristow said that the company is not actively seeking to sell its Tongon mine in Ivory Coast and the Massawa project in Senegal but will consider various options for both mines.
Reuters reported that Barrick has said it will focus on its best-performing assets and look to divest the rest, it is also trying to extract more from its mines by stepping up exploration around them.
Gold production company-wide in the quarter totaled 38.2 t (1.35 million oz), up from 30.3 t (1.07 million oz) in the 2018 quarter, according to earnings report. Total cash costs were $651 per ounce in the 2019 quarter, compared with $605 in the 2018 quarter. All-in sustaining costs averaged $869 per ounce in the 2019 quarter and $856 in the prior year.
Copper production totaled 44 kt (97 million lbs), up from 37.6 kt (83 million lbs) in the 2018 quarter.
Nevada production in the second quarter of Barrick operations totaled 15 t (526,000 oz), compared with 15.1 t (533,000 oz) in the 2018 quarter.
Bristow said the Barrick has created new teams for three regions of the world and is acquiring minority interests in Acacia Mining in Tanzania, after brokering a solution for Acacia’s long stand-off with the Tanzanian government.
He also said Barrick is pursuing the sale of its 50 percent ownership in the Kalgoorie gold mine in Australia that is operated by Newmont Goldcorp, which is the other 50 percent owner.
Additionally, Bristow said Barrick sees the Pueblo Viejo Mine in Dominican Republic as offering exciting growth prospects with the plant expansion project under way. Barrick operates the mine, which is 50 percent owned by Newmont Goldcorp.