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Thursday, 28th April 2005 (4570 views)

Company profit at Barrick Gold nearly doubled during the first three months of the year, according to latest figures.<br/><br/>First quarter profit saw profits rise to $51 million at the third biggest gold producer in the world.<br/><br/>The boom in profits was attributed to higher gold prices, although lower sales and higher costs did reduce results.<br/><br/>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.<br/><br/>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.<br/><br/>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.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8380481"/>

 

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