TSX listed Barrick Gold Corporation, which posted its third strong quarter in a row, said it was on track to deliver production at the higher end and costs at the lower end of its guidance ranges for the year.
The company’s third quarter (Q3) results show net earnings per share of $1.30, adjusted net earnings per share1 of $0.15, up 67% on Q2 on the back of a higher gold price, and debt net of cash down 14% at $3.2 billion after payment of the dividend. The quarterly dividend was increased by 25% to $0.05 per share on the back of the robust operational performance and the growth in cashflows. It said that its 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.” With regard to Loulo-Gounkoto in Mali, and Porgera in Papua New Guinea, both operations also posted robust results. Continued efficiency improvements increased the group’s copper production by 15% quarter on quarter. Following the Acacia buy-out, it stated that it had, together with the Tanzanian government, agreed in principle on a settlement of that company’s tax and fiscal issues. It said that a dedicated team is currently working on evaluating and stabilising the North Mara and Bulyanhulu mines. Barrick president and CE 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.