Barrick Gold ‘gains after Q2 earnings’

Wednesday August 14 2019

Barrick Gold CEO Mark Bristow speaks at a past

Barrick Gold CEO Mark Bristow speaks at a past event. PHOTO | FILE 

Toronto. Barrick Gold Corp posted stronger-than-expected second quarter earnings, as a the strongest rise in bullion prices in more than three years continues to support the bottom line of the world’s second-biggest gold producer.

Canada-based Barrick said adjusted earnings for the three months ending in June came in at 9 cents per share, up 28.6 per cent from the same period last year and just ahead of the Street consensus forecast.

Group revenues, Barrick said, rose 20.5 per cent from last year to $2.063 billion as production surged 26.8 per cent to 1.353 million ounces.

“We’ve rationalised the corporate structure; assembled a team committed to, and capable of, achieving our ambitious goals; established three regions for the effective management of our global portfolio; and aligned operational management teams with our core vision - that of delivering the best returns by combining the best assets with the best people,” said CEO Mark Bristow.

“In addition to settling down the new Barrick, we delivered the Nevada joint venture, the world’s largest gold production complex in its richest gold field, and brokered a solution for Acacia’s long stand-off with the Tanzanian government,” he added. “That’s a lot of boxes ticked in a short time.”

Barrick’s US-listed shares were marked 1 per cent higher following the earnings release to change hands at $18.34 each, a move that would extend the stock’s year-to-date advance to around 35.5 per cent.

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Looking into 2019, Barrick said it sees annual production in the region of 5.1 million to 5.6 million ounces, with all-in costs pegged between $870 and $920 per ounce. (Yahoo Finance)