Barrick Gold Corp. Profits Tripled, Driven by Higher Gold Prices and Output

SEATTLE (Scrap Monster): Canadian mining giant Barrick Gold reported exceedingly strong operating performance and significant earnings jump in Q3 2019. The adjusted profit surged to hit $264 million or $0.15 per share, mainly driven by higher gold price. This compares with $89 million or $0.08 per share during the corresponding quarter a year before. The gold output during the quarter totalled 1.31 million ounces.

The Nevada Gold Mines JV project reported solid performance. Pueblo Viejo in the Dominican Republic recorded improved performance. Loulo-Gounkoto in Mali and Porgera in Papua New Guinea also posted robust results. Also, latest drilling results indicate extension of mine life at Porgera and Veladero.

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Meantime, the company foresees flat gold production for the next five year period. The production is likely to range between 5.15 and 5.6 million ounces through 2024, in line with the projected production figures for the current year.

Barrick Gold announced that it has decided to increase the quarterly dividend by 25% to $0.05 per share, mainly on the back of robust growth in cash balance.