TORONTO (Reuters) - Barrick Gold Corp
The world's No. 1 gold producer earned $345 million, or 39 cents a share, down from a year-before $405 million, or 46 cents a share.
Analysts polled by Reuters had expected, on average, profit of 42 cents per share. Operating cash flow fell to $557 million from $748 million.
Barrick said it produced 1.93 million ounces of gold in the quarter at a total cash cost of $370 an ounce, compared with 2.16 million ounces at $281 per ounce in the year-before quarter.
This was partially offset by a higher realized gold price of $681 an ounce, up from $564 an ounce, as Barrick's elimination of its operating gold hedges earlier this year allowed it to take advantage of prices that have surged to 28-year highs.
Copper production was 99 million pounds, up from 95 million pounds a year ago.
The company said it is on track to produce 8.1 million ounces of gold this year, at the low end of its previously-announced 8.1 million to 8.4 million ounce range. Cash costs are expected at $350 an ounce.
Barrick, which has 22 operating mines, said this week it
will acquire Arizona Star Resource Corp.
Barrick's shares rose C$1.63 to C$42 on the Toronto Stock Exchange on Wednesday. The results were released after markets closed.
($1=$0.94 Canadian)
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