Barrick Gold posts strong Q3 operating performance

Friday November 8 2019

The Bulyanhulu Gold Mine, which was previously

The Bulyanhulu Gold Mine, which was previously owned by Acacia Mining, is now owned by Barrick after the Canadian giant bought all minority shares. PHOTO | FILE 

By The Citizen Reporter @TheCitizenTZ news@tz.nationmedia.com

Dar es Salaam. Barrick Gold Corporation has posted its third strong quarter in a row - and said it was on track to deliver production at a higher end, and costs at the lower end of its guidance ranges for the year.

Q3 results show net earnings per share of $1.30, and adjusted net earnings per share of $0.15, up 67 per cent on Q2. This is on the back of a higher gold price, and debt net of cash down 14 per cent - at $3.2 billion - after payment of the dividend.

The statement also says that the quarterly dividend was increased by 25 per cent, to $0.05 per share. This comes on the back of the robust operational performance and cashflow growth.

The Nevada Gold Mines joint venture delivered a solid performance against plan in what was its inaugural quarter of operation.

There was an improved performance at a lower cost from Pueblo Viejo in the Dominican Republic, where its plant expansion pre-feasibility study is heading for completion by the end of this year.

Loulo-Gounkoto in Mali and Porgera in Papua New Guinea also posted robust results. Continued efficiency improvements increased the group’s copper production by 15 per cent quarter on quarter.

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Following the Acacia Mining acquisition recently, Barrick and the Tanzanian government have agreed in principle on a settlement of that company’s tax and other fiscal issues.

To that end, a dedicated team of experts is currently working on evaluating and stabilising the North Mara and Bulyanhulu mines.

Barrick president and chief executive Mark Bristow said lean, agile management teams had built on a return to the basics of mineral resource management to deliver performance improvements across the group, as well as a range of new opportunities.

These included a major new discovery at Fourmile in Nevada, Life of Mine extensions at Porgera and Veladero, and the confirmation of a wide-ranging geological upside.