NEWS
10/26/2016 14:23 EDT | Updated 10/27/2017 01:12 EDT

Barrick Gold posts higher third-quarter earnings, raises production forecast

TORONTO — Barrick Gold Corp. (TSX:ABX) reported higher earnings for the third quarter, reflecting higher gold prices and a decrease in operating costs.

The Toronto-based gold miner reported a net gain of US$175 million, or 15 cents US per share, for the third quarter ended Sept. 30.

That compares with a net loss of US$264 million, or 23 cents US per share, in the same period last year.

Barrick's adjusted net earnings in the third quarter were US$278 million, or 24 cents US per share.

Adjusted earnings in the prior-year period were US$131 million, or 11 cents US per share.

Third quarter revenues were US$2.30 billion, compared to US$2.32 billion in the same period last year.

Barrick has said it has increased its gold production forecast for the year to 5.25 to 5.55 million ounces, up from its original range of 5.00 to 5.55 million ounces.