• Barrick Gold’s H1 revenue up 13.5% to $4.79B.

• Mali mine halt caused $1.03B impairment.

• Record $3,099/oz prices drove gains.
  

Toronto-based mining group Barrick Gold announced Monday, August 11, $4.79 billion in gold revenues for the first half of 2025. This marks a 13.5% increase from the same period last year, despite its operational challenges in Mali.

Despite the revenue growth, Barrick's gold sales volume fell. The company sold 1.52 million ounces of gold in the first six months of the year, an 18% drop from a year earlier.

The downturn in sales is primarily attributed to the suspension of operations at its Loulo-Gounkoto gold complex in Mali, which began in mid-January. Barrick, which holds an 80% stake in the mine with the Malian state owning the remaining 20%, saw its operations halted after the government blocked exports and seized a gold stockpile.

Following a government request, Malian courts permitted the site to reopen in June. However, they appointed an interim administrator, causing Barrick to lose control of the asset. As a result, the company deconsolidated the mine from its accounts, recording an impairment charge of $1.03 billion.

The revenue surge comes despite these operational setbacks, driven by a historic rally in gold prices. The company's second-quarter results revealed that the average selling price for gold in the first half of 2025 was $3,099 per ounce, a significant jump from $2,213 a year earlier. The yellow metal, bolstered by geopolitical tensions and strong demand for safe-haven assets, crossed the $3,500-per-ounce threshold again in early August. Analysts at Canadian firm Fidelity are even predicting prices could reach $4,000 an ounce by the end of 2025.

While the high prices are currently offsetting the loss of the Loulo-Gounkoto complex, risks persist for Barrick's Malian operations. The company's continued revenue growth remains dependent on sustained high gold prices, as there has been no sign of a diplomatic breakthrough with the government in Bamako. The dispute, which has been brought before the International Centre for Settlement of Investment Disputes (ICSID), could take years to resolve. Furthermore, one of Barrick's mining licenses in the country is set to expire in 2026.

Emiliano Tossou