Salem Radio Network News Wednesday, September 28, 2022

Business

Copper boosts Barrick Gold quarterly profit

By Arunima Kumar and Helen Reid

(Reuters) -Barrick Gold Corp reported a nearly 19% rise in second-quarter profit on Monday, helped by higher output of copper from its mines, even as inflation drove the miner’s cost of production up.

The world’s second-biggest gold miner stuck to its cost forecast for the year and said it was on track to meet copper and gold production guidance.

Barrick produced 120 million pounds of copper in the second quarter, up 25% from the first quarter, while gold output rose marginally to 1.043 million ounces from 1.041 million ounces.

Net earnings stood at $488 million, or 27 cents per share, for the quarter ended June 30, compared with $411 million, or 23 cents per share, a year earlier. Copper and gold are often found in the same ore, making copper a common byproduct of gold mines.

In a sign of the impact surging inflation is having on Barrick, all-in sustaining costs per ounce of gold – a measure of the cost of production – for the first half increased 13% from the same period last year, while all-in sustaining costs per pound of copper jumped 15%.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli and Emelia Sithole-Matarise)

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