Feb 12 (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.