Barrick Gold Continues to Deliver Great Results in the Third Quarter, but Lower Gold Price Looms
Barrick Gold reported third-quarter results that extended its streak of solid execution. Equity gold production fell to 1.4 million ounces from nearly 1.7 million ounces in third-quarter 2015, attributable to the sale of noncore mines and, to a lesser extent, a slight decline at core mines. Nevertheless, production costs continued to improve, with all-in sustaining costs, or AISC, falling to $704 per ounce compared with $771 in the year-ago quarter. Combined with higher gold prices, adjusted EBI...Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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