American Barrick reports 31% jump in net earnings

The 31% increase in net earnings for American Barrick Resources (TSE) in the first nine months “reflects strong growth in production, a substantial increase in operating income and a higher averaged realized gold price,” says Robert Smith, president and chief operating officer.

Net income jumped to $23.2 million or 39 per share compared to $17.7 million or 34 a year earlier. Nine month gold production was 224,288 oz compared to 163,838 oz last year. Third-quarter net income was $9.1 million or 15 compared to $7.3 million or 13 a year ago.

The new 4,500-ton-per-day oxide mill at its Goldstrike mine commenced operations during August and is now running at design capacity. A mine development plan for Goldstrike’s Betze sulphide reserves will be completed in early December, the company said.