First-quarter income improved only slightly for Barrick Gold (TSE) in 1996 as increased exploration and development expenditures took a bite out of higher revenues.
The major reported a first-quarter income of US$72 million (or 20 cents per share) on revenue of US$334.5 million, compared with US$71.1 million (20 cents per share) on US$306.3 million for the same period last year.
“Earnings remained . . . at the same level as last year because of the company’s increased global development initiatives,” says John Carrington, chief operating officer. Barrick nearly doubled its first-quarter exploration spending to US$16.3 million and increased reserves at Chile’s Pascua mine by 30%, to 4.4 million oz. The company is also expanding operations in North and South America, Asia and West Africa.
Production from Barrick’s 10 producing mines jumped to 800,515 oz. gold from 710,431 oz. in the first quarter of 1995. The Betze-Post mine, which occupies part of the Goldstrike property in Nevada, contributed more than half the total production.
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