Exploration success at American Barrick Resources’ Goldstrike property near Elko, Nev., have contributed to some record-breaking financial results, the company said recently.
Toronto-based Barrick said net income for the year ended Dec 31 was a record $26.7 million (51 cents per share), up 40% from $15.1 million (37 cents per share) during the same period last year.
1987 fourth quarter net income before an extraordinary item was $9.1 million (16 cents per share) compared with $3.7 million (8 cents per share) in the same period last year.
Gold production was up 21% from 186,072 in 1986 to 225,109 oz in 1987, Barrick says. As a result, revenues from gold sales during 1987 showed a corresponding increase from $9.8 million in 1986 to $119.7 million by Dec 31.
Fourth quarter gold sales increased from $24.5 million in 1986 to $36.8 million, the company says.
Barrick has varying interests in six North American gold mines. A seventh — the Holt-McDermott in Ontario — is scheduled to start production this summer.
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