Business · Companies · 6 hrs ago
Barrick’s third-quarter profit rises as higher gold prices offset lower output
Barrick Mining’s third-quarter profit rose as higher gold prices made up for lower production.
The Canadian gold miner earned US$1.32 billion, or 80 US cents per share, in the three months ended Sept.
30, compared with US$1.30 billion a year earlier.
Its average realized gold price rose 23 per cent from a year earlier, to US$4,243 an ounce.
Gold prices were supported by central-bank purchases and investor demand for bullion as a hedge against weakening currencies.
Production fell to 816,000 ounces, partly because of extreme weather at the Veladero mine and delays in reaching higher-grade ore at North Mara.
Barrick expects to reach that ore in the fourth quarter, which could help address the production challenges.
Barrick Mining reported higher third-quarter profit as stronger gold prices offset lower production.
The company earned US$1.32 billion, or 80 US cents per share, for the three months ended Sept. 30.
Its average realized gold price rose 23 per cent from a year earlier to US$4,243 per ounce.
Gold production fell to 816,000 ounces from 829,000 ounces a year earlier.
Barrick said extreme weather at Veladero and delayed access to higher-grade ore at North Mara contributed to the decline.
- Who
- Barrick Mining, a Canadian gold miner.
- What
- Its third-quarter profit rose as higher gold prices outweighed lower production.
- When
- The quarter ended Sept. 30; results were reported Monday.
- Where
- The company’s Veladero and North Mara mines were cited as contributing to lower production. Their locations are not stated.
- Why
- Higher gold prices offset the impact of reduced output.
This story does not have two clearly opposing sides.
Spot gold averaged US$4,204.59 per ounce, about 17.6 per cent higher than a year earlier.
The three-month reporting period ended.
Barrick said it expects to access higher-grade material at North Mara.
Barrick reported its third-quarter results.
- Net earnings
- US$1.32 billion
- Earnings per share
- 80 US cents
- Average realized gold price
- US$4,243 per ounce, up 23 per cent year over year
- Gold production
- 816,000 ounces, down from 829,000 ounces
- Production factors
- Extreme weather at Veladero and delayed access to higher-grade ore at North Mara