Record gold production, earnings and revenue were reported by American Barrick Resources (TSE) for the third quarter and first nine months of 1990. Gold output during the quarter totalled 163,366 oz., up from 114,886 oz. for the same period in 1989. For the first nine months of 1990, production totalled 437,562 oz., compared with 331,377 oz. last year.
Net income during the quarter was US$15.6 million, up from US$11.9 million last year. For the first nine months of 1990, net income was US$43.1 million compared with US$23.7 million for the same period last year.
The company attributes the increased output mainly to a doubling of production at its Goldstrike mine in Nevada.
Toronto-based Barrick realized an average price of US$441 per oz. for its gold sales during the 9-month period. (Included in that average price is US$11 per oz. from the expiry of the company’s gold purchase warrants.) Barrick has interests in six mines in Ontario, Quebec, Nevada and Utah.
Barrick reported a cash cost of US$339 per oz. during the quarter and US$332 during the 9-month period. Operating costs for the same periods were, respectively, US$220 and US$221. The company says the expense incurred in removing overburden at the Goldstrike project was the main reason for the higher cash cost. American Barrick Resources (TSE)* 3 months ended Sept. 30 1990 1989 Revenue $65,437 $50,208 Net earnings 15,603 11,904
per share 0.12 0.10 9 months ended Sept. 30 Revenue $179,710 $142,310 Net earnings 43,105 23,685
per share 0.33 0.20
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