A 66% increase in gold production at American Barrick Resources’ (TSE) Goldstrike mine in Nevada helped boost the company’s net income to US$109.4 million for the nine months ended Sept. 30. This represents a 60% increase over the same period in 1991.
Gold production for the first nine months of 1992 was 838,711 oz., up from 595,524 oz. in the comparable period of 1991.
Operating costs for the nine months ended Sept. 30, 1992, were US$176 per oz. By hedging production during this period, the company realized an average price of US$426 per oz., compared to the Comex average gold price of US$346 per oz.
Continued mining of high-grade sulphide ore at the Goldstrike mine should allow the company to meet its 1992 production target of 1.2 million oz. gold, and further improve fourth-quarter results.
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