The Toronto company’s net income for the three months ended March 31, was up 61% to $7.2 million(US) or 12 cents per share fully diluted, compared to $4.5 million or 8 cents per share at the same time last year.
First quarter revenues increased to $46.6 million from $27.4 million in 1988. Income from operations was up as well to $17 million from $9.8 million a year earlier.
“Barrick’s first quarter performance reflects the continued growth in production and the benefits of our extensive gold hedging program in a period when gold prices have been declining,” said President Robert Smith.
During the first quarter of 1989, Barrick realized a $430(US) per oz price for its gold, compared to the Commodities Exchange average of $395(US). Barrick’s remaining 1989 projected gold production has been hedged at an average minimum price of $437 per oz.
Due to expanded output at the Goldstrike mine in Nevada and start-up at the Holt-McDermott mine at Kirkland Lake, Ont., first quarter gold production increased to 104,414 oz from 59,215 oz at the same time last year.
Based on the first quarter operating performance, Barrick expects to produce 440,000 oz gold this year.
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