$GOLD Barrick Q4, 2024 results

Finally some cash generation!

Production 3.91MM Oz. Gold @ AISC $1451/oz.

Net earnings +69% to $2.14 billion,

Adjusted net earnings +51% to $2.21 billion,

Attributable EBITDA +30% to $5.19 billion for 2024 — highest in a decade. 

YOY operating cash flow +20% to $4.49 billion,

Free cash flow, +100% to $1.32 billion,

Quarterly dividend of $0.10/share maintained, bringing total annual dividend paid to shareholders to $696 million, and a further $498 million in share buybacks.

Webinar: https://event.choruscall.com/mediaframe/webcast.html?webcastid=AGDEs6Zp

Full release here:
https://www.barrick.com/English/news/news-details/2025/q4-2024-results/default.aspx

Gulf States' Attraction to Metals Continues

Gulf states are getting further involved in the metals & energy supply chain, setting up trading units for their own production and needs, and setting up funds to take stakes in mining companies and projects.

Abu Dhabi-based International Resources Holding, the mining company part of the conglomerate chaired by powerful Emirati royal Sheikh Tahnoon bin Zayed al-Nahyan, and owner of 51% of Zambia's Mopani Copper mine, has built out a 60-person trading unit to handle energy and metals. 

Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, according to MDO's chief executive, Mattar Al Badi.

Saudi Arabia's State-owned miner

WPIC expects platinum market to remain in deficit through 2029

WPIC expects platinum market to remain in deficit through 2029f, averaging 672 koz pa from 2026 to 2029, or ~ 8% of demand.

Expect deficits in Palladium to 2027f (previously 2025f) before market surpluses emerge from 2028f.

The themes previously highlighted are persisting.

Investment demand: forecasts stable growth of ~150 koz off 2024 levels for platinum, using 10-year historic averages.

Automotive sector: slowing demand growth in light vehicle electrification is entrenched. Accordingly, WPIC expects a long tail in automotive platinum group metals (PGM) demand, with modest erosion of -1.4% CAGR for platinum and -1.0% CAGR for palladium through 2029f. Updated automotive outlook includes a deferred fuel cell electric vehicle ramp up.

Jewellery and industrial applications: platinum demand is forecast to record 1% growth p.a. in both to 2029f, while palladium's price pull-back should incentive great use in jewellery and industrial applications over the next five years.

https://platinuminvestment.com/investment-research/essentials/jan25-five-year-supply-demand-outlook-platinum-deficits-persist-palladiums-are-deeper-and-last-longer

See more on Platinum's insufferable price action here: 

Will Platinum ever regain its lustre?: https://mastermetalsblog.blogspot.com/2025/02/will-platinum-ever-regain-its-lustre.html

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