• 20 hours $12M Seized in Massive US-Dubai Money-Laundering Raid
  • 2 days China Launches Digital Yuan As U.S. Dallies
  • 6 days Squid Game Rampage Fails to Lift Netflix Stock After Stellar Earnings
  • 6 days Why Tesla, EV Stocks, Could Remain Highly Volatile For Years
  • 8 days Did Big Bank Earnings Just Signal ‘Real’ Economic Recovery?
  • 9 days The Cannabis Industry Is Looking To Fill The Employment Gap
  • 9 days Apple Capitalizes On Upward Momentum Ahead Of Earnings
  • 12 days Earnings Beat Isn’t Enough for S&P 500 Q3
  • 14 days The New World Tax Order
  • 15 days Is Crypto Finally Ready To Pay The Piper?
  • 16 days Is It Time To Buy The Global Gaming Market Dip?
  • 19 days Even The Mafia Has A Millennial Problem
  • 21 days Zuckerberg Loses Billions in Social Media Outage
  • 22 days ‘Pandora Papers’ Leak Reveals More Financial Crime
  • 23 days US Retail Has A Major Supply Chain Problem
  • 26 days China Has Set Out To Crush Crypto...Again
  • 27 days Top Performing Cannabis Stocks of the Year
  • 28 days Millennials Could Power A 20-Year Bull Stock Market
  • 34 days The Million-Dollar Question: Will China Bail Out Evergrande?
  • 35 days Bitcoin Is Driven By Testosterone
Could This Be The Most Exciting Lithium Play Of 2021?

Could This Be The Most Exciting Lithium Play Of 2021?

This Nobel Prize-winning breakthrough is…

Gold Bulls Are Facing An Uphill Battle

Gold Bulls Are Facing An Uphill Battle

Last year proved to be…

Gold Slips Following Stimulus Announcement

Gold Slips Following Stimulus Announcement

Gold prices retreated on Monday…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

World's Largest Gold Miner Sees Profits Triple

Gold Miner

Canada’s Barrick Gold (TSX:ABX)(NYSE:GOLD), the world’s second largest producer of the yellow metal, saw its profit for the three months to September almost tripled as a result of higher output and prices.

The Toronto-based miner also bumped its payout to investors for the period by 25% to $0.05 per share, as adjusted profit rose to $264 million, or 15 cents per share. That compares to $89 million, or 8 cents per share, a year earlier.

In terms of output, Barrick churned out 1.31 million ounces in the third quarter from 1.15 million ounces in the three months to June 30.

The gold giant, however, expects production numbers to stay put through 2024, reaching between 5.15 and 5.6 million ounces of gold a year — in line with what it expects to produce this year.

The company also predicted all-in sustaining costs (AISC) to be between $850 and $950 an ounce over the next five years, an improvement from the $984-million per ounce reported in the previous quarter.

Barrick has been looking to boost its reserves to address falling production. In July, the miner took a step in that direction by agreeing to combine its assets in the US state of Nevada with those of Newmont Goldcorp, the world’s No. 1 gold producer.

It has also taken over its subsidiary in Tanzania, Acacia Mining, which had spun off from the gold giant in 2010, paving the way for an end to long-dragged out tax dispute between the unit and the government of the African country.

A final settlement, which meant the creation of a new company — Twiga Minerals — was reached in October. Barrick has said it plans to sell about $1.5 billion in assets by the end of 2020. At the same time, it’s looking to buy more top-tier gold projects, in Canada and elsewhere, and invest in copper assets.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment