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Friday, 29th July 2005 (4290 views)

Barrick Gold has reported that second quarter net income for the three months to end June was $53 million, or $0.10 per share, up 56 per cent from $34 million a year earlier.<br/><br/>The Toronto-based company announced that second quarter gold sales were 1.1 million ounces at a total cash cost of $243 per ounce, compared to 1.2 million ounces at $209 per ounce a year earlier.<br/><br/>Barrick said it remained on track with its original guidance to produce between 5.4-5.5 million ounces of gold for the year at an average total cash cost of about $225 per ounce.<br/><br/>The company attributed the sharp rise in profits to strong gold prices, lower interest and amortisation expenses and a change in accounting policy. Barrick reduced its gold hedge commitments by a further 200,000 ounces in the second quarter, reducing its corporate gold sales contracts position down to 6.6 million committed ounces.<br/><br/>Barrick operates Lagunas Norte in Peru and Goldstrike in Nevada and plans to develop other gold projects, including the Veladero mine in Argentina. <br/><br/>"Eighteen months ago we embarked on an aggressive growth program without comparison in the industry. As of today, two of the four new mines are in production, and we are substantially advanced on the other two," said Greg Wilkins, Barrick president and chief executive officer. "The company is now entering the phase of reaping benefits and delivering value to our shareholders."<img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15013315"/>

 

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