The world’s second largest gold miner, Barrick Gold, on Monday announced strong second-quarter financial results, with adjusted net earnings surging to $415-million and free cash flow soaring to $522-million, capturing the benefit of higher gold prices.
The quarter’s adjusted net earnings compare with $285-million in the first quarter and $154-million in the prior-year comparable quarter. Adjusted net earnings a share was 23c, up 44% from the first quarter and, according to the company, well ahead of the market consensus.
Free cash flow rose 849% in the June 2020 quarter, from $55-million in the same quarter last year. Free cash flow in the first half of the year rose 378% to $960-million.