Barrick Gold reported a 23.6% drop in net earnings to US$411 million for the June quarter, down from $538 million in the same quarter of 2020.
Production fell 9.4% to 1.04 million ounces and all-in sustaining costs increased 5% to $1087 per ounce.
The company said production in the quarter was impacted by a mechanical mill failure at Carlin in Nevada, USA but that it remains on course to achieve its guidance for the year of 4.4-4.7Moz at an AISC of $970-1,020/oz.
Copper production fell 20% to 96 million pounds while C1 cash costs increased 18.1% to $1.83/lb.
Barrick announced the payment of a second tranche capital distribution to shareholders of about 14c per share to be paid in September in addition to a 9c per share quarterly dividend.
Barrick is returning $750 million to shareholders via distributions in three tranches of $250 million each. The first was made in June and the third is due to be paid in November.
Glencore joined other major miners late last week in boosting capital returns after reporting in-line earnings for the first half of the year.
The commodities giant announced additional returns totalling US$1.2 billion, which comprised a 4c per share "top-up" dividend, equating to $500 million, and a $650 million buyback, bringing total returns for the first half to $2.8 billion.
Glencore's adjusted EBITDA was up 79% year-on-year but in line with consensus estimates at $8.65 billion, while lower than expected capex left net debt 18% below consensus at $10.6 billion.
Glencore's new CEO Gary Nagle noted average prices for the company's key commodities' benchmarks were up about 40% period-on-period, with thermal coal and copper about 60% higher compared to H1 2020.
"Fiscal and monetary stimulus, successful vaccine roll-outs and increasing momentum in relation to decarbonisation of energy systems should continue to underpin sector sentiment going forward," he said.
Eldorado Gold has entered into an agreement to sell the Tocantinzinho gold project in the Tapajos district in Para, Brazil to G Mining Ventures for US$50 million in cash and stock.
In addition to the $20 million in cash and 19.9% of G Mining it will receive upon closing, Eldorado may also receive deferred consideration of $60 million in cash payable upon the first anniversary of Tocantinzinho commencing commercial production.
G Mining said it will undertake an equity financing in the coming weeks to finance some of the closing cash payment and various work programs on the project.
Tocantinzinho is a permitted and construction-ready, open-pit gold project which hosts proven and probable reserves of 39 million tonnes grading 1.42 grams per tonne gold for 1.78Moz within measured and indicated resources of 46Mt grading 1.37gpt for 2.03Moz. A 2019 feasibility study outlined a 10-year mine life with annual gold production of more than 160,000oz.
G Mining plans to complete a feasibility study on the project within the next 180 days.
Bluejay Mining has signed a joint venture with billionaire-backed KoBold Metals to search for battery materials at its Disko-Nuussuaq nickel-copper-cobalt-platinum magmatic massive sulphide project in Greenland.
KoBold, backed by Breakthrough Energy Ventures which is overseen by tech heavyweights including Bill Gates and Jeff Bezos, will use its technology to "maximise our chances of discovery".
KoBold can earn 51% of the project through a two-stage earn-in, by spending US$3.4 million on evaluating drill targets by the end of 2022 and sole-funding $11.6 million on exploration or 15 drill holes by December 31, 2024.
Bluejay said it had already identified more than 20 targets, of which two were "extraordinary in scale", and the project had similarities to Russia's nickel and palladium-producing Norilsk region.
