BARRICK Mining reported a rise in third-quarter profit on Monday as higher gold prices offset weaker production, Reuters reported.
The Canadian miner earned $1.32bn, or 80 US cents a share, in the three months to September 30, compared with $1.30bn, or 76 US cents a share, a year earlier.
Barrick's average realised gold price rose 23% to $4,243/oz, benefiting from strong central bank purchases and investor demand for bullion.
Gold production, however, fell to 816,000 oz from 829,000 oz, partly because of extreme weather at its Veladero mine in Argentina and delays accessing higher-grade ore at North Mara in Tanzania. Barrick expects to access the ore in the fourth quarter.
The group reported stronger performances elsewhere in Africa. Production at Loulo-Gounkoto in Mali increased 16% quarter on quarter, with its ramp-up progressing ahead of schedule following a prolonged dispute with the government.
Kibali in the Democratic Republic of Congo recorded its highest quarterly production since late 2023.
During Monday's investor presentation, CEO Mark Hill said Barrick intended to file documents for the proposed listing of its North American gold assets this month, with completion targeted for year-end or January.
Seb Bock, CEO of Barrick International, said the company was reviewing its international portfolio to unlock value, particularly in South America, while describing Africa as its operating engine.
Barrick's $2bn Lumwana copper expansion in Zambia remains on budget and on schedule for first production in early 2028.