Barrick CEO sees big growth ahead without having to rely on the markets or M&A
Barrick Gold Corp. reported a third-quarter profit of US$368 million, up from US$241 million a year earlier, helped by higher gold prices.
The Toronto-based gold miner, which keeps its books in U.S. dollars, says the profit amounted to 21 cents per share, up from 14 cents per share a year earlier.
Revenue totalled US$2.86 billion, up from US$2.53 billion in the same quarter last year.
Gold sales amounted to 1,027,000 ounces, up from 997,000 ounces a year ago, while Barrick's realized gold price for the quarter was US$1,928 per ounce, up from US$1,722 a year ago.
Copper sales totalled 101 million pounds, down from 120 million pounds a year earlier, while Barrick's realized copper price was US$3.78 per pound, up from US$3.24 in the same quarter last year.
On an adjusted basis, Barrick says it earned 24 cents per share, up from 13 cents per share a year earlier.
This report by The Canadian Press was first published Nov. 2, 2023.