Thursday, 28th April 2005 (3109 views)

Company profit at Barrick Gold nearly doubled during the first three months of the year, according to latest figures.

First quarter profit saw profits rise to $51 million at the third biggest gold producer in the world.

The boom in profits was attributed to higher gold prices, although lower sales and higher costs did reduce results.

Earnings were up on analysts' forecasts and production reached 1.13 million ounces of gold, although this was down on the same period last year.

However money received for gold was up, with Barrick receiving $428 for every ounce of gold it sold in the first quarter compared to $382 in 2004.

In addition, the Toronto based miner revealed its Lagunas Norte project in Peru was ahead of schedule and on budget and it hopes to begin production in mid June.

 

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