{"id":1148324,"date":"2019-11-06T07:42:05","date_gmt":"2019-11-06T13:42:05","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006169"},"modified":"2019-11-06T07:42:05","modified_gmt":"2019-11-06T13:42:05","slug":"barricks-profit-nearly-triples-but-sees-flat-production-for-next-five-years","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1148324","title":{"rendered":"Barrick\u2019s profit nearly triples, but sees flat production for next five years"},"content":{"rendered":"<p>Canada\u2019s Barrick Gold (TSX:ABX)(NYSE:GOLD), the world\u2019s second largest producer of the yellow metal, saw its <a href=\"https:\/\/barrick.q4cdn.com\/788666289\/files\/doc_financials\/2019\/q3\/Q3-Quarterly-Report.pdf\"  rel=\"noreferrer noopener\" aria-label=\"profit for the three months to September (opens in a new tab)\">profit for the three months to September<\/a> almost tripled as a result of higher output and prices.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Toronto-based miner also bumped<br \/>\nits payout to investors for the period by 25% to $0.05 per share, as adjusted<br \/>\nprofit rose to $264 million, or 15 cents per share. That compares to $89<br \/>\nmillion, or 8 cents per share, a year earlier.<\/p>\n<p>In terms of output, Barrick churned out 1.31 million ounces in the third quarter from 1.15 million ounces in the three months to June 30.<\/p>\n<p>The gold giant, however, expects production<br \/>\nnumbers to stay put through 2024, reaching between 5.15 and 5.6 million ounces<br \/>\nof gold a year \u2014 in line with what it expects to produce this year.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>The world&#8217;s second largest gold miner sees output reaching 5.15 to 5.6 million ounces a year between 2020 and 2024.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The company also predicted all-in<br \/>\nsustaining costs (AISC) to be between $850 and $950 an ounce over the next five<br \/>\nyears, an improvement from the $984-million per ounce reported in the quarter.<\/p>\n<p>Barrick has been looking to boost<br \/>\nits reserves to address falling production. In July, it took a step into<br \/>\nthat direction by agreeing to combine its assets in the US state of Nevada with<br \/>\nthose of Newmont Goldcorp, the world\u2019s No. 1 gold producer.<\/p>\n<p>It has also <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/barrick-takes-acacia-mining-back-as-buyout-deal-sealed\/\" >taken over its subsidiary in Tanzania, Acacia Mining<\/a>, which had&nbsp;<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/african-barrick-is-history-changes-name-to-acacia-mining-31334\/\" >spun off from the gold giant in 2010<\/a>, paving the way for an end to long-dragged tax dispute between the unit and the government of the African country. <\/p>\n<p>A final settlement, which meant the <a href=\"https:\/\/www.mining.com\/web\/barrick-gold-reaches-deal-with-tanzania-over-acacia-mining\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">creation of a new company<\/a> \u2014 Twiga Minerals \u2014 was reached in October. Barrick has said it plans to sell about $1.5 billion in assets by the end of 2020. At the same time, it\u2019s looking to buy more top-tier gold projects, in Canada and elsewhere, and invest in copper assets. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world&#8217;s second largest gold miner sees output reaching 5.15 to 5.6 million ounces a year between 2020 and 2024.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148324"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1148324"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148324\/revisions"}],"predecessor-version":[{"id":1148426,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148324\/revisions\/1148426"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1148324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1148324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1148324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}