Monday, 31st October 2005 (2926 views)

Canada's largest gold miner, Barrick Gold Corporation, has announced a 253 per cent increase in profits during the third quarter.

This was due in part to its two new mines in Peru and Argentina.

The company's Peruvian Lagunas Norte mine experienced its first full quarter of production, yielding over 210,000 ounces of gold, while its Argentinean Veladero mine recently poured its first gold.

Barrick also released details of a new oxide ore discovery in Nevada, which could further augment its profits.

According to Barrick's chief executive officer Greg Wilkins, the company is anticipating good results for the next quarter.

"With gold at 17-year highs and good momentum behind it, I think it augurs well for the company, going forward," he commented.

For the nine months up to and including September, Barrick's net income was $226 million.

 

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