(Reuters) -Canada's Barrick Gold ( GOLD ) beat analysts' estimates for fourth-quarter profit on Wednesday on higher gold prices and production.

On an adjusted basis, the world's second-largest gold miner posted a profit of 46 cents per share in the quarter ended December 31, compared with estimates of 41 cents per share, according to data compiled by LSEG.

Gold production in the quarter came in at 1.08 million ounces, higher than 1.05 million ounces in the same quarter last year, due to its North America, Africa and Middle East operations meeting expectations.

Gold prices rose over 27% in 2024, their biggest yearly rise since 2010, driven by safe-haven demand, interest rate cuts, and buying from central banks.

Barrick said its average realized gold prices rose to $2,657 per ounce in the fourth quarter from $1,986 per ounce last year.

All-in sustaining costs (AISC), an industry metric reflecting total expenses, however, rose to $1,451 per ounce in the quarter, from $1,364 per ounce last year.

The company also announced a new share buyback program of $1 billion, scrapping its previous share buyback program that was in place from February 14, 2024.