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Barrick Gold's 3Q profit weakens, revenue drops as metals prices continue to slide

Barrick reported a net loss of $412 million ($0.35 per share) and adjusted net earnings of $89 million ($0.08 per share) for the third quarter
Barrick Gold's 3Q profit weakens, revenue drops as metals prices continue to slide
Barrick recently announced a merger with Randgold Resources

It was a busy quarter for mega-gold miner Barrick Gold, which recently announced a transformational all-share merger with Randgold Resources Ltd. in an attempt to put together an industry-leading gold company.

Barrick reported a net loss of $412 million ($0.35 per share) and adjusted net earnings of $89 million ($0.08 per share) for the third quarter.

READ: Barrick Gold and Randgold Resources merge to create world's largest gold miner but questions still remain

The company said the net loss primarily reflects a $405 million impairment charge at the Lagunas Norte mine in Peru.

"Gold production increased to 1.15 million ounces in the third quarter, while cost of sales on a per ounce basis3 was approximately four percent lower than the second quarter of 201," said the company in a statement. 

Third quarter operating cash flow was $706 million, and free cash flow of $319 million, was significantly higher than the second quarter of 2018. 

The company said gold production increased to 1.15 million ounces in the third quarter, while cost of sales on a per ounce basis was approximately 4% lower than the second quarter of 2018.

The company said all-in sustaining costs and cash costs were down by roughly 8% and 3%, respectively, over the same period.

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Barrick Timeline

Newswire
January 10 2017

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