Barrick Gold Q4 profit soars to US$418M from year-ago US$175M
Thu Feb 22, 8:05 AM
TORONTO (CP) - Barrick Gold Corp. (TSX: ABX.TO), the world's biggest gold producer, says its fourth-quarter profit soared to US$418 million from a year-ago US$175 million, despite one-time charges, as it posted record annual earnings.
Net income for the quarter ended Dec. 31 amounted to 48 cents a share, compared with 32 cents per share a year earlier, the Toronto-based company reported Thursday.
Profit was reduced by US$28 million or three cents per share for special items. The global firm reports in U.S. dollars.
For the full year, net income was $1.51 billion or $1.77 a share and operating cash flow was $2.12 billion or $2.48 a share, both company records and representing year-over-year growth of 136 per cent and 84 per cent, respectively.
It was "a banner year for Barrick," CEO Greg Wilkins said in a release.
"We saw payback from our activities of the last few years, in particular the Placer Dome acquisition, and a full year's production from the new generation of mines translate into record financial results."
Over the year, the company's results benefited from a 58 per cent increase in gold production, a 23 per cent higher realized gold price and strong financial results from copper mines.
Full-year production was 8.64 million ounces of gold at total cash costs of $282 an ounce and 367 million pounds of copper at total cash costs of 79 cents per pound, meeting original production and cash cost guidance for both gold and copper.
The company said it expects 2007 gold production of 8.1 million to 8.4 million ounces and copper production of about 400 million pounds. Total cash costs are expected to be in the range of US$335 to $350 per ounce for gold and about 90 cents per pound for copper. |
