ONE: World’s largest gold miner reports increased profits
Shares rose by two per cent in Barrick Gold Corporation this morning, after the world's largest pure gold miner reported a 75 per cent increase in operating profits for the third quarter.
Investors placing CFD spreads on the Canadian company's share price saw a strong rise on the better-than-expected results.
Barrick put the strong performance down to the burgeoning price of gold bullion, adding that it expects to produce between 7.65 million and 7.85 million tonnes of gold this year, at a total cash cost of $455 per ounce.
On the back of the good news, shares in the gold miner increased by two per cent to $46.48 in the morning.
Barrick also issued a bullish forecast for its output over the next five years, predicting that it will reach nine million ounces annually by 2015, as projects in the Dominican Republic and on the border between Argentina and Chile gear up.
Yesterday, Barrick dropped by 1.8 per cent on the strengthening dollar, which contributed towards a 0.9 per cent (117.43 point) drop in the Standard & Poor/TSX Composite Index to 12,567.25.
