(October 13 – 17:45 ET) –
Barrick Gold Corp. today
reported record earnings and cash
flow for the third quarter and
nine months ended Sept. 30, 1999.
Net income for the nine months
was US$250 million, or 63¢ a
share, a 15% increase over earnings
for the corresponding period a
year earlier.
Operating cash flow for the
nine-month period rose 50% to $584
million, or $1.50 a share.
Revenue was $1.1 billion, compared
to $928 million in the
corresponding period.
Net income for the quarter
ended September 30 was $79 million
or 20¢ a share.
The firm attributes its
increase in earnings and cash flow to a
“continued focus on low-cost
production and our Premium
Gold Sales Program.” The firm’s
gold production rose 22% and
cash operating costs declined 23%
for the nine-month period,
it says.
-IE Staff
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