Barrick Gold has recorded a 78% jump in its first-quarter profit to $507 million from $285-million a year earlier buoyed by strong gold and copper prices.
It said realised gold prices leapt 11.8% to $1 777/oz, while gold production fell to 1.10-million from 1.25-million ounces due to lower grades at its Pueblo Viejo mine in the Dominican Republic.
"The rise in the gold price has prompted a resurgence of the short-termism which has plagued the market, with some investors focusing on short-term gains rather than sustainable growth," said company chief executive Mark Bristow.
"But Barrick is building a business for the long term and our focus remains firmly on the future and the creation and delivery of long-term value to our shareholders and all our other stakeholders."
The company said production in the second half is projected to rise partly due to the ramp-up of underground mining at the Bulyanhulu mine in Tanzania and higher expected grades at Lumwana in Zambia.
The company said revenue from its copper mines in Chile, Saudi Arabia and Zambia increased by 31% from the fourth quarter thanks to stronger prices.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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