Barrick Gold Corp., the world’s largest bullion producer, reported first-quarter profit that beat analysts’ estimates as prices and sales of the precious metal climbed.
Net income more than doubled to $758 million, or 76 cents a share, from $371 million, or 42 cents, a year earlier, Toronto- based Barrick said today in a statement. Profit excluding some items was 75 cents a share, topping the 63-cent average estimate of 18 analysts surveyed by Bloomberg. Sales rose 44 percent to $2.56 billion
Chief Executive Officer Aaron Regent is benefiting from gold prices that hit a record $1,227.50 an ounce on Dec. 3, driven by demand for a hedge against inflation and volatility in other markets. Barrick’s average realized gold price rose 22 percent from a year earlier to a record $1,114 an ounce while gold sales increased 21 percent to 2.07 million ounces.
“Barrick earnings were very strong and highlight a string of quarterly beats versus consensus that sets the company apart from other gold miners,” John Stephenson, who helps manage C$1.6 billion ($1.58 billion) at First Asset Investment Management Inc. in Toronto, said in an e-mailed response to questions.
Barrick rose 68 cents, or 1.6 percent, to C$42.11 at 10:02 a.m. in Toronto Stock Exchange trading. The shares gained 13 percent in the 12 months before today.
Gold, Copper
Increased output in Nevada amid higher gold and copper prices is benefiting Barrick, Patrick Chidley, a Stamford, Connecticut-based analyst at Barnard Jacobs Mellet (USA) LLC, said in an April 26 telephone interview. Copper accounted for about 14 percent of Barrick’s sales last year, according to Bloomberg data.
“They have a new operation at Cortez Hills, and it’s a very low-cost operation, so that should be a positive for them,” Chidley said.
The company repeated its 2010 gold output forecast of 7.6 to 8 million ounces with total cash costs of $425 to $455 an ounce. In February, the production forecast was reduced by 100,000 ounces from an earlier projection as part of the spinoff this year of its African production into a new London-listed company, African Barrick Gold Plc. In 2009, Barrick produced 7.42 million ounces of gold at average total costs of $466 an ounce. In 2008, 7.66 million ounces were produced at costs of $443 an ounce.
Production at the company’s Cortez Mine has been slumping, and the company is aiming to offset the decline with output from the adjacent Cortez Hills. The company predicted total output this year of 1.08 million to 1.12 million ounces from the sites.
By Rob Delaney
Tags: business, economy, financial, financial markets, financial system, Global Economy, gold price, investors
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