TORONTO — Barrick Gold Corp. says it earned US$400 million in its first quarter, up from US$111 million in the same quarter a year earlier.
The gold miner, which keeps its books in U.S. dollars, says the profit amounted to 22 cents per share compared with six cents per share in the first quarter of 2019.
On an adjusted basis, Barrick says it earned US$285 million or 16 cents per share in the three-month period, up from US$184 million or 11 cents per share a year earlier.
The result matched the average expectations of analysts, according to financial markets data firm Refinitiv.
Barrick says it produced 1.25 million ounces of gold in the quarter compared with nearly 1.37 million a year ago, while copper production increased to 115 million pounds, up from 106 million in the first quarter last year.
Its realized gold price for the quarter was US$1,589 per ounce, up from US$1,307 in the same quarter last year.
This report by The Canadian Press was first published May 6, 2020.
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The Canadian Press