TORONTO — Barrick Gold Corp. reported its third-quarter profit fell compared with a year ago as the price of gold also moved lower.
The gold miner, which keeps its books in U.S. dollars, says its profit attributable to equity holders totalled US$347 million or 20 cents per share for the three months ended Sept. 30, down from US$882 million or 50 cents per share a year ago.
Revenue totalled $2.83 billion, down from US$3.54 billion in the same quarter last year, as Barrick's realized gold price fell to US$1,771 per ounce compared with US$1,926 per ounce a year ago.
Gold production totalled 1,092,000 ounces, down from 1,155,000 ounces a year ago, while copper production slipped to 100 million pounds compared with 103 million in the same quarter last year.
On an adjusted basis, Barrick says it earned 24 cents per share, down from an adjusted profit of 41 cents per share a year ago.
Analysts on average had expected an adjusted profit of 23 cents per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Nov. 4, 2021.
Companies in this story: (TSX:ABX)
The Canadian Press