Barrick Gold Q1 profit surges, sees higher output ahead
Barrick Gold reported a 78% rise in first-quarter profit on Wednesday helped by rising gold and copper prices, and said it was on track to meet annual guidance.
Copper prices have gained on the back of massive economic stimulus while gold has moved higher as a hedge against inflation.
Barrick said realised gold prices climbed 11.8% to $1 777/oz, while gold production fell to 1.10-million from 1.25-million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.
Production in the second half is expected to be higher than the first, the gold miner said, thanks in part to the ramp-up of underground mining at the Bulyanhulu mine in Tanzania and higher expected grades at Lumwana in Zambia.
Adjusted profit rose 78% to $507 million in the quarter ended March 31 from $285-million a year earlier.
Barrick’s revenue from its copper mines in Chile, Saudi Arabia and Zambia rose by 31% from the fourth quarter helped by stronger prices.
Barrick announced a 9 cents per share quarterly dividend
