Barrick Mining reports rise is Q2 profits despite US$1-billion writedown on Mali mine

Barrick Mining Corporation President and CEO Mark Bristow, right, rings the New York Stock Exchange opening bell. (AP Photo/Richard Drew)

TORONTO — Barrick Mining Corp. took a US$1.04-billion charge in its second quarter related to its loss of control of a gold mine in Mali, but still reported a rise in profit thanks to higher gold prices and an asset sale.

The Toronto-based mining company said Monday it earned US$811 million or 47 cents US per diluted share for the quarter ended June 30, up from US$370 million or 21 cents US per diluted share a year earlier.

Profits rose as the price it sold its gold at was up 41 per cent from last year to US$3,295 an ounce. Gold prices have climbed in large part over instability fears raised by the economic policies of the U.S. Trump administration.

The higher gold price was offset somewhat by the writedown on the value of its Loulo-Gounkoto mine in Mali, after a June ruling by a judge in the country that it be placed under provisional administration for six months.

Barrick Gold has been in conflict with Mali’s military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company’s offer to pay US$370 million to the government.

Since then, the government has also arrested Barrick employees, who remain detained, and suspended gold exports, but Bristow said on an conference call Monday that there was still a potential to solve the impasse outside the arbitration process.

“We’re not at that stage where we don’t believe that we can, you know, find a resolution,” Bristow told the conference call to discuss the company’s latest financial results.

“When you’re engaging and talking, there’s always an opportunity. Of course, there’s been some activity in Mali, which complicates the process.”

He said the company continues to manage the situation in a measured and constructive manner, continuing with arbitration as it works to find a path forward.

While the Mali charge weighed on results, it was also balanced by US$745-million gain in the quarter from the sale of a 50 per cent interest in the Donlin gold project in Alaska.

Since quarter end, the company has also announced the sale of its Alturas project in Chile for US$50 million, while it is also in talks to sell Hemlo, its last Canadian gold mine.

Bristow said there’s a lot of appetite for mines like Hemlo, while the company has added significant gold reserves in recent years to make it a good time to review its holdings.

“It makes sense to rationalize your portfolio from time to time,” he said. “And it’s a good time to do it when there are buyers out there in the market.”

In its latest results, Barrick noted Hemlo, which produced 32,000 ounces in the quarter, is not considered a core part of its portfolio.

On an adjusted basis, Barrick says it earned 47 cents US per share in its latest quarter, up from an adjusted profit of 32 cents US in the same quarter last year.

The mean analyst estimate had been for earnings of 45 cents per share, according to LSEG Data & Analytics.

Revenue for the quarter totalled US$3.68 billion, up from US$3.16 billion a year earlier.

Gold production in the quarter totalled 797,000 ounces, down from 948,000 a year ago. Copper production totalled 59,000 tonnes, up from 43,000 tonnes a year ago.

Overall results were mixed, said RBC analyst Josh Wolfson in a note, with operating results in line with expectations while financial results were noisy in part because of the asset sales.

This report by The Canadian Press was first published Aug. 11, 2025.

By Ian Bickis