Barrick Gold (NASDAQ: GOLD) reported Q2 EPS of $0.09, in-line with the analyst estimate of $0.09. Revenue for the quarter came in at $2.06 billion versus the consensus estimate of $2.14 billion.

2019 Q2 Highlights

• Nevada Gold Mines launched successfully: positively impacts group production outlook
• Adjusted net earnings of $0.091 in line with consensus
• Debt net of cash unchanged after Q1 dividend payment
• Quarterly dividend of $0.04 maintained
• PV plant expansion pre-feasibility study on track for year-end completion
• African operations post strong performance
• Offer made to acquire minority interests in Acacia

Key Performance Indicators

• Another strong quarter points to annual production at top end of guidance range and costs at lower end
• Debt net of cash unchanged at $3.7bn, after payment of Q1 dividend
• Adjusted net earnings per share of $0.091 in line with consensus
• Copper operations continue efficiency improvements with AISC8 down 7%
• Nevada Gold Mines JV closed July 1 and set to deliver forecast synergies with positive impact on production outlook for the year
• Pueblo Viejo progresses plant expansion prefeasibility study expected by year end
• African and LatAm operations deliver as Loulo-Gounkoto joins Kibali and Veladero with strong performance
• Drilling at Fourmile returns best-ever borehole intersection; Loulo-Gounkoto and Kibali on track for further brownfields expansion to replace depletion
• Agreement reached on Recommended Final Offer for shares in Acacia not already owned by Barrick
• ICSID arbitration award represents significant milestone in recognition of Reko Diq project value
• Sustainability report underscores group’s commitment to environmental and social goals
• Decrease in Lost Time and Total Recordable Injuries from Q1
• $0.04 per share quarterly dividend maintained for Q2

“We’ve rationalized the corporate structure; assembled a team committed to, and capable of, achieving our ambitious goals; established three regions for the effective management of our global portfolio; and aligned operational management teams with our core vision - that of delivering the best returns by combining the best assets with the best people. In addition to settling down the new Barrick, we delivered the Nevada joint venture, the world’s largest gold production complex in its richest gold field, and brokered a solution for Acacia’s long stand-off with the Tanzanian government. That’s a lot of boxes ticked in a short time,” he said.

"Our ongoing focus will be deepening our team skills and building our succession initiatives. Mining is always going to be about its human capital and that is why we invest in the best people."

For earnings history and earnings-related data on Barrick Gold (GOLD) click here.