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Canadiian miner Barrick Gold Corp, the world’s second-largest gold producer quarterly adjusted profit nearly doubled as gold production rose. $GOLD expects gold production of 5.1 million ounces to 5.6 million ounces. The gold price hit its highest level in six years in June.

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Barrick Gold Corp NYSE: GOLD Reported Before Open Monday

$0.05 Beat ($0.05) EPS and $2.39 Billion beat forecast in revenue

Earnings

Barrick Gold Corp an adjusted profit of US$154 million, or 9 cents per share, in the second quarter ended June 30, up from US$81 million, or 7 cents per share, a year earlier. boosting profits to $223m from a $76m loss a year earlier. The results missed Wall Street expectations of 10 cents per share. Revenue was $2.06 billion in the period.

Barrick was helped by a rising gold price, which hit its highest level in six years in June. Gold rose to $1,507 a troy ounce on Monday. Barrick is in the process of integrating operations following a flurry of activity over the past few quarters, from the acquisition of Randgold Resources late last year to a joint venture in Nevada with the world’s biggest gold producer Newmont Goldcorp to the buyout of Tanzania-focused unit Acacia Mining Plc.

Barrick Gold Corp NYSE: GOLD 

Market Reaction >  Pre-market $18.50 +0.36 (+1.98%)

Highlights

    • Expects annual attributable gold production of 5.1 million ounces to 5.6 million ounces at an all in sustaining cost of US$870 per ounce to US$920 per ounce.
    • Barrick said gold production rose to 1.35m ounces of gold in the second quarter led by its Loulo-Gounkoto mine in Mali and the Veladero mine in Argentina.
    • Compares with production of 1.37m ounces of gold in the first quarter and 1.1m in the second quarter of last year.
    • Barrick’s gold output jumped nearly 27 per cent to 1.35 million ounces from a year ago
    • Copper output rose about 17 per cent to 97 million pounds.
    • Barrick is also looking to sell $1.5bn in assets by next year, following its acquisition of Randgold.

Source: Barrick Mines

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