Barrick CEO Aaron
Regent “’ annual gold
production of 9Moz
by 2016
 
Toronto, Canada — 03 May 2012 – Barrick Gold Corporation “’ the world’s largest producer of the precious metal “’has reported a 2.8% increase in first-quarter profit.

In a statement issued here, the company said net income had advanced to US$1.03 billion, or US$1.03 a share, from US$1 billion, or US$1, a year earlier. Profit excluding impairment charges and other one-time items had amounted to US$1.09 a share, matching the average of 18 estimates compiled by Bloomberg News.

The statement added that sales had risen18% to US$3.64 billion, and the company had raised its quarterly dividend from 15 to 20 cents a share.

Barrick CEO Aaron Regent plans to boost annual production to about 9Moz of gold by 2016, from up to7.8Moz forecast this year. Gold, which has risen for 11 straight years, averaged US$1,694/oz in the quarter in New York “’ 22 % more than a year earlier.

First-quarter gold production was 1.88Moz, down from 1.96Moz a year earlier, and total cash costs stood at US $545/oz, with net cash costs of US$432/oz, the statement continued.

The company recorded total cash margins of US$1,146/oz, up 20% from US$952 per ounce in the first quarter of 2011, and net cash margins of US$1,259/oz, up 16% from US$1,081/oz in the same prior year period.

Barrick reiterated that it maintained its full year 2012 gold production guidance of 7.3 to 7.8Moz at total cash costs of US$520-$560/oz, and net cash costs of US$400 to US$450/oz. It expected full year 2012 copper production of 550 to 600Mlbs at C1 cash costs of US$1.90 to US$2.20/lb.

Source: Barrick Gold Corp. For more information, click here.