Barrick Gold Corporation (NYSE: GOLD) on Monday reported second-quarter earnings that were in line with the street estimates, even as the top-line registered a miss. Revenues in the second quarter fell 1% to $2.06 billion, compared to analysts’ projection of $2.14 billion.
Adjusted income edged up 2 cents to $0.09 per share, which were in line with the street consensus.
GOLD shares gained 2.15% immediately following the earnings announcement. The stock has surged 66% in the last 12 months, as gold prices eclipsed the $1,500/ounce mark.
Total gold production for the second quarter was 1.353 million ounces, verses 1.067 ounces in the same period last year. Copper production was up from 83 million pounds to 97 million pounds.
CEO Mark Bristow said annual gold production is currently expected to be at the upper end of the 2019 guidance range with cost metrics at the lower end of the ranges.
Nevada Gold Mines, the joint venture launched on July 1, should impact positively on Barrick’s production profile and is on track to deliver synergies of up to $500 million per year in the first five years.
Barrick reiterated its annual gold production guidance to be in the range of 5.1-5.6 million ounces and all-in sustaining costs to be $870-920 per ounce. Copper production is expected at 375-430 million pounds with all-in sustaining costs per ounce anticipated at $2.40-2.90.
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