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Opinion Contributors Gold Holds Above USD 4,000: Barrick Mining...
The gold price has fallen by more than a quarter since its record high of over USD 5,500 in January to its current level of around USD 4,100 per ounce. Barrick reported impressive figures for the first quarter; operating cash flow rose to USD 2.55 billion, an increase of 111% compared to the previous year . Adjusted earnings per share climbed to USD 0.98, while costs (AISC) came in at USD 1,708, below the company s own forecast. Production exceeded expectations at 719,000 ounces, and management is sticking to its full-year forecast of up to 3.25 million ounces.
Barrick is strategically focusing on diversification. Once the expansion is complete, the Lumwana project in Zambia is expected to more than double copper production from 117,000 to 240,000 metric tons annually. The investment volume is approximately USD 2 billion. Completion of the processing plant is scheduled for early 2028. The Fourmile project in Nevada also promises long-term growth . In the short term, the stock remains closely tied to the price of gold, but the strategy aims to decouple it from its status as a pure gold proxy. Analysts see significant re-rating potential here once the copper projects make a substantial contribution to the profit structure.
Shareholders benefit from a generous dividend policy, where 50% of attributable free cash flow is allocated to dividends, supplemented by a USD 3 billion share buyback program. The planned initial public offering (IPO) of the North American operations by the end of 2026 could unlock additional value. On the risk side are the company s dependence on politically fragile producing countries and the ongoing headwind from high oil prices, which weigh on production costs . The next quarterly report is expected on August 10. This will be an important indicator of whether Barrick can maintain cost discipline despite the challenging environment. The stock is currently trading at around USD 37.11.