Barrick Gold accounts US$882-million third-quarter profit, increases dividend

TORONTO – Shares of Barrick Gold Corp. grew more than seven percent in currency trading following the company increased its dividend and its own third-quarter profit topped expectations.

The Toronto-based gold miner, that retains its books at U.S. bucks, said Thursday it will currently cover a percentage of 2 cents a share, up from its prior rate of eight cents.

The greater payment to investors comes since Barrick says it gained 50 cents per share for the quarter ended Sept. 30 as well as a gain of US$2. 28 billion or more 1. 30 per share per year ago when its effects were promoted with a one-time profit linked to the Turquoise Ridge mine, that is an element of its Nevada Gold Mines partnership with Newmont Goldcorp Corp.

Earnings from the quarter totalled US$3. 54 billionup from US$2. ) 68 billion. )

Instead of the surgeries, the earnings came in higher realized metal prices, National Bank Financial analyst Mike Parkin stated in a note to customers, in addition to significantly lower taxation than anticipated.

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On an adjusted basis, Barrick says it gained US$726 million or 41 cents per share from its third quarter, up from a fixed gain of US$264 million or 15 cents per share in precisely the exact same quarter this past year.

Analysts on average had expected a gain of 33 cents per share for the quarter, based on financial information company Refinitiv.

Barrick shares were $2. 64 at $38. 32 in trading on the Toronto Stock Exchange.

This report from The Canadian Press was initially released Nov. 5, 2020.

Firms within this narrative: (TSX:ABX)


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