Thanks to some pleasant surprises at the Goldstrike mine in Nevada, American Barrick Resources (TSE) was able to add another record quarter to a growing list of financial achievements.
The Toronto gold miner reported net earnings of US$23.2 million or 16US cents per share during the three months ended March 31, up 49% from the US$15.6 million or 11US cents a share recorded in the same period last year. First quarter revenues climbed to US$81.5 million from US$73 million in the equivalent 1991 period.
Reflecting production growth at Goldstrike, Barrick’s gold output climbed to 202,505 oz. in the quarter from 171,980 oz. in the first three months of 1991. President Robert Smith attributed the results to higher than expected ore grades and improved leach recoveries at the Goldstrike mine, which contributed 151,838 oz. to Barrick’s production numbers.
Barrick hopes to join an elite group of million oz. producers by churning out 1.2 million oz. of the yellow metal this year.
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