Barrick Gold beats quarterly profit estimate, plans $1 bln share buyback (updated)

Aion-Tech Solutions

15/02/2023 11:17

(Adds details from statement, buyback plan)
       Feb 15 (Reuters) - Canada's Barrick Gold Corp  ABX.TO ,
 GOLD.N  on Wednesday beat analysts' estimates for quarterly
profit following strong performance at its Cortez and Carlin
mines in Nevada.
    Sustained higher gold prices along with a sequential
improvement in production at certain mines helped the miner's
quarterly performance.
    Barrick last month reported a 13.4% sequential rise in gold
production as access to high-grade ore at its Nevada mines
powered a "strong finish" to the fourth quarter.
    Gold prices  XAU=  gained 9.9% during the October-December
quarter, the best since mid-2020. They have extended their
upward trend this year as cooling U.S. inflation raised hopes
for slower interest rate hikes from the Federal Reserve.
    All-in sustaining costs (AISC), an industry metric that
reflects total expenses, rose to $1,242 per ounce, a 28%
increase from a year earlier.
    Barrick authorized a new share buyback program of up to $1
billion for the next 12 months. 
    The company returned a record $1.6 billion to shareholders
in 2022 through dividends and buybacks.
    The Toronto-based miner posted adjusted earnings of 13 cents
per share, while analysts on average had expected 11 cents,
according to Refinitiv IBES.
 (Reporting by Arshreet Singh; Editing by Sriraj Kalluvila)
 ((Arshreet.Singh@thomsonreuters.com; Twitter: https://twitter.com/Arshreets))