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The balance sheet of New York- and Toronto-listed gold and copper mining company Barrick is in phenomenally good shape, with future capital investment programmes well-funded.

Significant excess cash flow is being generated, with the last quarter of last year chalking up records across almost every financial metric, outgoing Barrick senior executive VP and CFO Graham Shuttleworth noted during his upbeat swansong presentation covered by Mining Weekly. (Also watch attached Creamer Media video.)

The combination of sequential increase in production and record-high gold prices added to an already strong financial foundation and set up the company with considerable flexibility to continue delivering significant cash returns to shareholders.

Infographics displayed a 45% revenue increase, driven by increased production and sales, and a 21% increase in realised gold price.

Major earnings nearly doubled from the prior quarter, and reported was record quarterly cash flow, record free cash flow, record earnings per share and a record cash balance.

Cash of $7.7-billion flowed from operations, $3.9-billion being free cash, which was up 71% and 194% from a year ago – another company record.

These results are super impressive amid Barrick's 2025 gold sales volume being 13% lower and a key asset not operating for most of the year.

Moreover, attributable capital ended 2025 below the low end of guidance owing to engineering partners coming on board in the refining of spending schedules, particularly at Barrick's biggest projects – at Reko Diq in Pakistan and Lumwana in Zambia.

Graphs highlighted during the presentation displayed Barrick's earnings before interest, taxes, depreciation and amortisation (Ebitda) increasing 53% on higher margins as the 21% gold price increase dropped to the bottom line.

Importantly, the attributable Ebitda margin steadily increased through the year, tracking the gold price higher and demonstrating the operating leverage the business provides to the gold price.

"All of this enabled the highest annual shareholder returns in Barrick history, with more to come," said Shuttleworth.

Barrick ended the year with net cash of $2 billion.

Of the $7.7-billion generation of operating cash flow, $3-billion was invested back into the business with the buyback of $1.5-billion of Barrick stock reducing the company's share count by 3%.

Third-quarter results saw the base dividend being increased by 25% to $0.125 per quarter and the strong annual results prompted the board to authorise a further 40% increase.

In addition, the board has determined that it will target paying out 50% of attributable free cash flow, incorporating a further discretionary component to reach the target.

On that basis, the board has authorised a fourth-quarter dividend payable in March, which is up 140% on the quarter-three dividend.

This new policy will replace the previous performance dividend policy and given the focus of cash returns to shareholders through increased dividends, with the board having decreed not to renew the annual share buyback programme.

Production increased from last quarter to the highest level of the year, which resulted in an 82% increase in Ebitda versus last year.

The base dividend was increased by another 40% and a new dividend policy adopted.

Cash flow for the quarter was up 96% from last year, and a year of record annual cash returns to shareholders was logged.

Preparation for an initial public offering (IPO) of Barrick's North American gold assets is moving forward.

"We're targeting to complete the IPO by late 2026," new Barrick president and CEO Mark Hill told the presentation.

Operational and financial achievements were, however, overshadowed by four fatalities.

"Our highest priority is that al...

Mining Weekly Editor Martin Creamer talks about the Minerals Council's view that South Africa’s mining industry is at a pivotal point in its evolution; BHP’s biggest-ever explorer-technology-data bootcamp being hosted in South Africa; and Joburg’s gold revival outlook strengthene

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Platinum group metals (PGM) mining, refining and marketing company Valterra, which last week reported sharply rising earnings expectations for 2025, has delivered its strongest quarterly performance of the year in the three months to December 31.

The Johannesburg- and London-listed company, headed by CEO Craig Miller, on Thursday, February 5, reported increased production across all major PGM metrics.

Full-year PGM sales volumes of 3 454 300 oz were driven by higher above-guidance refined production of 3 412 000 oz.

The 2026 metal-in-concentrate and refined production guidance of three-million ounces to 3.4-million ounces is consistent with prior estimates.

Own-mined production increased by 1% to 594 600 oz on higher production from the Amandelbult mine, partially offset by lower production at the Mogalakwena, Unki and Mototolo mines.

Toll-refined PGM production increased by 41% to 257 300 PGM ounces, primarily owing to the inclusion of Kroondal as toll-refined production from December 2024.

Nickel production increased by 12% to 7 098 t, while copper production decreased by 2% to 4 413 t.

Quarter-on-quarter nickel production increased by 14% and quarter-on-quarter copper production increased by 5%.

Total fourth-quarter chrome production increased by 17% to 298 000 t on higher chrome production at Amandelbult and improvements in chrome yields across Valterra's own operations.

Increased PGM sales volumes and realised basket price PGM sales volumes increased by 4% to 1 042 100 oz, supported by the timing of some sales rolling over from the previous quarter into October, together with higher volumes of minor PGMs sold.

The average realised fourth-quarter basket price of R38 723 per PGM ounce, or $2 269 per PGM ounce, was the highest since the fourth quarter of 2022 and up 41% and 50% year-on-year respectively.

All PGMs, except iridium, contributed substantial year-on-year gains, with platinum 78% higher and rhodium 70% higher.

The broad-based price rally that began in May gained further momentum during the final quarter on rising investor interest in physical assets, the launch of new futures contracts in China and ongoing market tightness. The average realised full-year rand PGM basket price of R32 611 per PGM ounce increased by 22%, while the dollar PGM basket price of $1 852 per PGM ounce increased by 26% year-on-year.

Valterra smelts and refines PGMs and associated co-products from its South African and Zimbabwean operations and has integrated value chain bolstered by marketing hubs in London, Singapore and Shanghai.

As reported by Mining Weekly in December, Valterra's market capitalisation has sky-rocketed to north of R300-billion and the company is continuing to look for new markets into which it can invest and which can utilise its products. The utilisation of PGMs in cleaner mobility is being expanded by fuel cell electric vehicle development, battery electric vehicle advances and more recently, in technological applications such as data storage and electronic chips.

Fourth-quarter production delivered the strongest quarterly performance of 2025, increasing by 10% quarter-on-quarter owing to Amandelbult's return to steady-state operations and improved output at Mogalakwena.

Mogalakwena's PGM production decreased by 8% to 260 800 oz, despite higher tonnes milled, owing to a lower built-up head grade compared with the fourth quarter of 2024.

On a quarter-on-quarter basis, own-mined production increased by 10%, reflecting Amandelbult's return to steady-state production for the first full quarter following the February 2025 flooding. Full-year own-mined PGM production exceeded guidance at 2 060 300 oz amid total full-year PGM production hitting the 3 200 600-oz mark.

Expressed as five element ...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Despite mining being essential for the survival of the global economy, the mining industry's critical minerals pipeline remains thin and its greenfield exploration budgets flat.

Pressure on mines to operate in a lower-margin environment remains, with industry conditions suggesting the likelihood of further consolidation among mining majors.

While the need for generative exploration is acknowledged as being essential, value over volume is the mantra.

Where money is available, gold and silver feature first and second on the list.

Even though new discovery is mission-critical, inorganic growth remains the focus, at a time when supply chain reorganisation is accompanying political competition between major powers.

These are among the many points highlighted by Seequent Segment director mining Dr Janina Elliott in an article to Mining Weekly on three mining industry trends that need watching.

While the world is set on the path to electrification and digital transformation, market behaviour does not yet indicate the onset of a new super cycle focused on energy transition.

Mining being treated as a strategic priority for autonomy, fast-tracking policy shifts, incentives, and public-private partnerships is creating opportunity.

To satisfy stakeholders, diversified mining companies are needing fiscal and operational optimisation with a focus on existing sites against the background of investors wanting clear returns.

For the foreseeable future, the current holding patterns on global investment shaped by geopolitics are likely to remain in 2026 and despite a hesitantly positive outlook, global activity does not yet bear the semblance of a super cycle.

Mining needs to embrace modern technology with a greater sense of urgency and needed when choosing technology are agility and openness. Agility refers to flexible workflows and pointed out is that a modern drilling campaign takes advantage of a digital supply chain from sensor-enabled rigs, to automated core sheds, to digitally connected laboratories that create geological insight while the drills are turning. Where openness matters is with cloud-based ecosystems that enable data to flow freely across multi-disciplinary streams.

Upskilling is now unequivocally critical within an environment where technology aids a modern geoscientist in the innovation of more efficient workflows. Success in 2026 will depend on disciplined growth, responsible innovation, and a renewed focus on people and sustainability, Elliott outlines in the article to Mining Weekly.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Mining built South Africa once. With clarity, confidence, and coherent policy, mining can help to build South Africa's future again – and do so inclusively.

A successful and growing mining industry will expand the economy through the industrial benefits of upstream and downstream multiplier effects on jobs, corporate tax, PAYE, export earnings, VAT collections, as well as enabling the installation of much-required infrastructure.

South Africa must therefore favour market-friendly policies and incentives that share risk and reward while reducing unnecessary restrictions that undermine sector competitiveness and investment confidence.

Encouraging signs are emerging such as the Financial Action Task Force removing South Africa from its grey list and S&P Global upgrading the country's credit rating. Lower inflation expectations will temper interest rates, reducing debt costs. Combined, this is signalling progress coming from government and business partnerships to rebuild investor confidence and sentiment.

However, sentiment alone is not investment. Confidence in the South African economy must translate into concrete commitments to infrastructure, mineral development, exploration, research and development, and skills pipelines that future-proof the industry, the economy and this country's broader society. Essential to attracting this investment is the pace of critical structural reforms that will encourage and sustain private-sector investment and participation in key areas of the economy.

These are among the many vital points made by Minerals Council South Africa CEO Mzila Mthenjane in a thought-leadership article shortly ahead of next week's crucial Investing in African Mining Indaba in Cape Town from February 9 to 12.

South Africa, Mthenjane emphasises in the article to Mining Weekly, is at a pivotal moment in the evolution of its mining industry – "a sector whose historic power and economic influence shaped not just the structure of cities like Johannesburg but the social and economic architecture of South Africa itself".

The legacy of more than a century of mining created cascading employment effects, built infrastructure, generated foreign exchange earnings, and underpinned entire communities.

Yet today, as South Africa approaches its fourth decade of democracy, this country's mining industry faces the dual challenge and opportunity of redefining its place in a modern and technologically driven economy through skilled employees and shaping an inclusive society.

Mthenjane pinpoints the expansion of mining production as the real multiplier of broad-based economic impact and social progress that mining brings and not high prices as the central truth that must guide this country's mining strategy.

The mining sector accounted for 5.8% of GDP (nominal) in 2025, a significant source of economic activity but it is lower than 6.2% in 2004, indicating it is simply not realising its full potential, hampered by decades of logistics and energy constraints and inconsistent regulatory changes which have negatively affected investor confidence. Concerted interventions through a public-private partnership model, Operation Vulindlela 2.0, headed by the Presidency, are addressing fundamental bottlenecks, but more and focused efforts are needed to realise the aspired 3% growth rate in the short term.

While commodity price cycles may temporarily boost tax revenue and underpin the mining industry's contribution to the economy, what really drives employment creation and sustainable development of the country is sustained production growth. It is output that stimulates manufacturing and requires an expansion of utilities and general infrastructure and strengthens upstream and downstream supply chains, thus stimulat...