Barrick Gold makes earnings shine

Barrick Gold, the world’s biggest gold miner by output, overcame a fall in first-quarter production to deliver improved revenues and profits on the back of the high selling price commanded by the precious metal.

The Canada-based miner maintained full-year guidance on gold production of 7.3m-7.8m ounces at a cash cost of $520-$560 an ounce. Last year, it produced 7.68m ounces as cash costs were pegged at $460 a unit.

A jump in the average selling price of gold to $1,691 an ounce, compared with $1,389 in the same quarter last year, saw revenues at Barrick Gold jump from $3.09bn to $3.6bn in the three months to March 31. Production fell from 1.96m ounces to 1.88m in the period.

Read Full Article from Financial Times

- Posted: 2012-05-02 10:49:32

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