Barrick Gold: Net Income Rises 29% to $514 Million ($0.59 per Share); Expanded Margins Increase Profitability in Q1
FIRST QUARTER REPORT - MAY 6, 2008
Highlights
- The Company reported first quarter net income of $514 million ($0.59 per share) and operating cash flow of $728 million ($0.83 per share) compared to a net loss of $159 million ($0.18 per share) and operating cash flow of $163 million ($0.19 per share) in the prior year period. Reported net income rose 29% compared to prior year adjusted net income of $398 million ($0.46 per share)(1) and included $29 million of post-tax special items that reduced income by $0.03 per share.
ignificant progress continued to be made on Barrick's extensive project pipeline...
Barrick's exploration activities in Papua New Guinea (PNG) are focused on defining new resources at Porgera and on our extensive Kainantu land package, where drilling is expected to commence on the Kora target early in Q2. Target delineation and drill testing programs are also planned for the Wamun, Tabar and Tatau projects in the second quarter.
During the quarter, the Company entered into a JV agreement with Allied Gold on a 200 square kilometer land package on the Big Tabar and Tatau Islands in PNG, located between the producing Lihir and Simberi mines. Barrick can earn up to a 70% interest by spending $18 million on exploration and has budgeted $2.1 million in year 1 for 5,000 meters of diamond drilling, geophysical surveys and a geochemical and mapping program.
ALD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)