06:50 AM EDT, 08/12/2024 (MT Newswires) -- Barrick Gold ( GOLD ) on Monday reported an increase in adjusted net earnings in the second quarter despite lower gold and copper production.

Second-quarter adjusted net earnings came in at US$557 million, or US$0.32 per share, up from US$336 million, or US$0.19 per share. The result beat the S&P Capital IQ consensus normalized EPS estimate of US$0.27 for the second quarter.

Attributable EBITDA increased to US$1.29 million from US$988 million.

The company produced 948,000 ounces of gold and 43,000 tonnes of copper, both down from 1 million ounces of gold and 48,000 tonnes of copper. The company expects to meet gold production guidance for 2024.

Barrick will pay a dividend of $0.10 per share for the second quarter on Sept. 16 to shareholders of record at the close of business on Aug. 30.

The company repurchased 2.95 million shares during the second quarter under a $1 billion share buyback program announced in February.