[miningmx.com] — AFRICAN Barrick Gold Plc said its profit rose to a record in the third quarter boosted by higher production and all-time high gold prices.
Net profit jumped to $102m, beating the $99m consensus supplied by the company, from $40 million in the year-earlier quarter as revenue surged 61%.
It produced 182,401 ounces of gold in the quarter and said it expects to meet its 700,000 to 760,000 ounce target for the year.
However, the Tanzania-focused miner increased its cash cost guidance to $675 to $700 an ounce for the year, up from earlier estimates of $590 to $650 an ounce.
The average price received for its gold reached a record $1,774 an ounce, up 44% year-on-year.
