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African Barricks Profit More Than Doubles, Cash Costs Rise
2011-10-20 06:32:19.555 GMT
By Thomas Biesheuvel
Oct. 20 (Bloomberg) -- African Barrick Gold Plc, the
largest producer of the metal in Tanzania, said third-quarter
profit more than doubled as output increased and gold prices
rose, even as mining costs increased.
Net income climbed to $102.1 million in the period from
$39.9 million a year earlier, the London-based company said
today in a statement. Attributable gold output advanced 11
percent to 182,401 ounces.
Gold producers profits have been buoyed by record prices
for bullion as Europes sovereign-debt woes spur demand for
precious metals as a haven. Gold for immediate delivery averaged
a record $1,706.38 an ounce in the third quarter, compared with
$1,227.73 an ounce a year earlier.
2011-10-20 06:32:19.555 GMT
By Thomas Biesheuvel
Oct. 20 (Bloomberg) -- African Barrick Gold Plc, the
largest producer of the metal in Tanzania, said third-quarter
profit more than doubled as output increased and gold prices
rose, even as mining costs increased.
Net income climbed to $102.1 million in the period from
$39.9 million a year earlier, the London-based company said
today in a statement. Attributable gold output advanced 11
percent to 182,401 ounces.
Gold producers profits have been buoyed by record prices
for bullion as Europes sovereign-debt woes spur demand for
precious metals as a haven. Gold for immediate delivery averaged
a record $1,706.38 an ounce in the third quarter, compared with
$1,227.73 an ounce a year earlier.