- Write by:
-
Thursday, February 18, 2021 - 10:03:52 PM
-
604 Visit
-
Print
Mining News Pro - Canadian miner Barrick Gold Corp reported a quarterly profit on Thursday that beat analysts’ estimates, helped by a jump in gold prices due to coronavirus-induced economic uncertainty.
The company’s U.S.-listed shares were up 2.4% at $21.33 before the bell.
Gold prices touched record highs in 2020, as investors flocked to the safe-haven asset while the covid-19 pandemic roiled the global economy. In the fourth quarter, market prices averaged $1,875 per ounce, 26.4% higher than a year earlier.
Barrick said its all-in sustaining costs (AISC) for the reported quarter, an important metric for miners, rose to $929 per ounce from $923 last year.
For 2021, the company expects AISC to be between $970 and $1,020 per ounce, compared with $967 in 2020.
Barrick said it expects full-year production to be between 4.4 million ounces and 4.7 million ounces, compared with its 2020 production of 4.8 million ounces.
The miner expects copper production in the range of 410 million to 460 million pounds this year, compared with production of 457 million pounds last year.
Quarterly net income nearly halved to $685 million as the company had gains related to some assets and acquisitions in the year-earlier quarter.
On an adjusted basis, profit rose to $616 million, or 35 cents per share, in the fourth quarter ended Dec. 31, from $300 million, or 17 cents per share, a year earlier.
Analysts on an average had expected a profit of 32 cents per share, according to Refinitiv IBES data.
Short Link:
https://www.miningnews.ir/En/News/611501
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
No comments have been posted yet ...