By: Creamer media

The Toronto-based company on Monday reported net earnings a share of $0.47 for the period, with adjusted earnings matching that figure. Operating cash flow for the first half climbed 32% from a year earlier to $2.5-billion, while free cash flow surged 107% to $770-million, driven by higher commodity prices.

Gold output rose 5% from the first quarter, while copper production jumped 34% on the back of stronger performance at Lumwana, in Zambia. Nevada Gold Mines, Barrick’s joint venture with Newmont in the US, led gold gains with an 11% quarter-on-quarter increase.

Pueblo Viejo in the Dominican Republic increased output by 28%, helped by higher throughput and expansion progress. Copper production is tracking toward the upper end of full-year guidance.

The board approved a $0.15-a -share dividend, including a $0.05 performance component. The company also repurchased $268-million in stock during the quarter, bringing total buybacks to $411-million for the first half and $860-million over the past 12 months. Capital returned to shareholders in the first half totalled $753-million.

“Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects. From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we are demonstrating the strength and depth of our portfolio,” president and CEO Mark Bristow said.