Barrick Gold reports Q1 profit up as higher gold and copper prices help boost revenue

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TORONTO — Barrick Gold Corp. reported a first-quarter profit of US$538 million, up from US$400 million a year ago, as higher gold and copper prices helped boost revenue nine per cent.

The Toronto-based gold miner, which keeps its books in U.S. dollars, says the profit amounted to 30 cents per diluted share, up from a profit of 22 cents per diluted share in the same quarter last year.

Revenue totalled nearly US$2.96 billion, up from US$2.72 billion in the first three months of 2020.

On an adjusted basis, Barrick says it earned 29 cents per share in its most recent quarter, up from an adjusted profit of 16 cents per share a year earlier.

Barrick produced 1,101,000 ounces of gold in the quarter compared with 1,250,000 ounces a year ago, while copper production totalled 93 million pounds, down from 115 million pounds in the first quarter of 2020.

The company’s realized gold price in the quarter was US$1,777 an ounce, up from US$1,589 a year ago, while its realized copper price was US$4.12 pound, up from US$2.23 in the same quarter last year.

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