London, England — MININGREVIEW.COM — 27 July 2010 – African Barrick Gold Plc “’ the biggest gold producing company listed in London “’ says that its second-quarter profit more than doubled as output and prices of the metal increased.
Announcing in a statement issued here, the company “’ which operates four mines in Tanzania “’ pointed out that it was nevertheless cutting its full-year production target.
Net income rose to US$46.2 million (R346.5 million) in the three months through June 30 from US$19.7 million (R148 million) a year earlier, the Barrick statement added. The company nevertheless lowered its full-year output target to 750 000 to 800000 ounces from its previous range of 800 ,000 to 850 000 ounces, following delays at its Buzwagi mine in Tanzania.
African Barrick’s gold output rose 9.7% to 179 113 ounces in the quarter. Gold for immediate delivery averaged US$1 196.52 in the period, compared with US$922.13 in 2009.
African Barrick “’ spun off by the world’s largest gold producer, Barrick Gold Corporation in March “’ is forecasting annual production of more than 1 million ounces by 2014. Its revenue climbed 53% to $213.2 million in the second quarter.