Barrick Gold (ABX-T, ABX-N) reported substantially higher third quarter profits of US$405 million (US$0.46 per share) compared to US$113 million (US$0.21 per share) in the prior-year period.
Third-quarter cash flow hit a record US$805 million (US$0.92 per share) compared to US$232 million (US$0.43 per share) in the prior-year period.
Attributable third-quarter gold production totaled 2.2 million oz. at total cash costs of US$281 per oz., for year-to-date gold production of 6.2 million oz. at total cash costs of US$282 per ounce.
Barrick says it expects to meet its original 2006 gold production and cash cost guidance and is targeting to produce about 8.6 million oz. gold at total cash costs of about US$285 per oz.
Third-quarter copper output was 95 million lbs. at total cash costs of US$0.81 per lb., for a year-to-date total of 267 million lbs. at total cash costs of US$0.77 per lb.
Significant corporate events during the quarter included an agreement to sell its half stake in the South Deep mine in South Africa to Gold Fields (GFI-N) for US$1.525 billion and a hostile bid to acquire NovaGold Resources (NVG-T, NVG-N) for US$16 per share.
On Nov. 1, 2006, Barrick entered into a preliminary agreement with London-listed Highland Gold Miningimited to contribute its 50% interest in the Taseevskoye deposit and other exploration properties to Highland and increased its ownership to 34%.
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