Barrick Gold beats estimates for first-quarter profit
FILE PHOTO: A small toy figure and gold imitation are seen in front of the Barrick logo in this illustration taken November 19, 2021./File Photo
(Reuters) – Canadian miner Barrick Gold beat Wall Street estimates for first-quarter profit on Wednesday, on the back of a rally in bullion prices during the quarter.
Prices of the precious metal rose about 8.2% to $2,231 per ounce in the January-March quarter, on buying from central banks and hopes the U.S. Federal Reserve could cut interest rates as early as June. [GOL/]
The world’s second-largest gold miner said its average realized gold prices rose to $2,075 per ounce from $1,902 per ounce a year earlier.
All-in sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, was $1,474 in the first quarter, up from $1,370 per ounce a year earlier.
Gold production fell to 940,000 ounces in the quarter ended March 31, from 952,000 ounces a year earlier. Analysts estimates production of 947,330 ounces.
However, Barrick said it expects production to increase steadily through the year, with its Pueblo Viejo gold mine in the Dominican Republic ramping up from the second quarter.
On an adjusted basis, the company posted a profit of 19 cents per share in the January-March quarter, compared with analysts’ expectations of 15 cents, according to LSEG data.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Krishna Chandra Eluri)