The Q3 2022 gold production totalled 988,000 ounces, compared with 1.043 million ounces in Q2 2022 and 1.092 million ounces in Q3 2021.
SEATTLE (Scrap Monster): Barrick Gold Corporation announced operating and financial results for Q3 this year.
The company reported nearly 30% drop in profits during the quarter, primarily on account of weak production and higher costs. The net earnings of the company dipped to $241 million, or 14 cents per share in Q3, as compared with $347 million, or 20 cents per share in the same quarter a year before. The operating cash flow for the quarter was $758 million, aided by offloading of non-core royalty assets.
ALSO READ:
Barrick Gold Foresees Reduced Gold Output in 2022
Barrick Gold Declared Sale of Royalty Portfolio to Maverix Metals
The Q3 2022 gold production totalled 988,000 ounces, compared with 1.043 million ounces in Q2 2022 and 1.092 million ounces in Q3 2021. The all-in-sustaining costs (AISC) increased year-on-year from 1,034 per ounce to 1,269 per ounce.
The company declared a dividend of $0.15 per share for the third quarter of 2022, which will be paid on December 15, 2022 to shareholders of record at the close of business on November 30, 2022.
Mark Bristow, President and Chief Executive, Barrick Gold stated that the company remains on track to achieve its full year 2022 production guidance, despite short-term operational challenges and rising input costs. The company continues to maintain a strong balance sheet and looks forward to develop its wealth of organic growth projects so as to deliver a stronger Q4, he added.
Image and article originally from www.scrapmonster.com. Read the original article here.