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Thursday, 2nd August 2007 (3675 views)

Gold producer Barrick has reported "strong" earnings for the second quarter of the financial year.

The company reported second quarter earnings of $396 million and operating cash flow of $336 million for this period.

Adjusted earnings were $462 million and adjusted operating cash flow was $408 million.

Barrick claims that it is now selling all of its production from existing mines at general market prices.

"Our quarter two results are a clear demonstration of Barrick's ability to deliver superior earnings and cash flow leverage in this strong gold price environment. The ability to capture spot prices, combined with our tight focus on cost control, is generating strong margins," commented president Greg Wilkins.

Gold production in the second quarter was 1.96 million ounces, Barrick notes that due to mine sequencing at Goldstrike and Veladero this year, average processed grades were roughly 12 per cent below reserve grades year-to-date.

 

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