Mixed fortunes for gold producers

摘要

DURING the quarter ending March 31,2006, higher gold prices allowed most gold producers to post increased operating profits, but some producers' net earnings were hit by non-cash charges related to non-hedge derivatives. Barrick Gold Corp's net income in the March quarter shot up by 239 percent, from 66 million US dollars a year ago, as the company assimilated production from mines acquired from Placer Dome early this year, and its average realised gold price increased sharply. Barrick made revenue of 1.25 billion US dollars, compared with 484 million US dollars a year ago. The enlarged company's gold production was lower than the combined year-ago production from Barrick (1.35 Moz) and Placer (911,000 oz), but production from the Placer mines began to be accounted for only from January 20, and the four mines planned to be sold to Goldcorp Inc (MJ, November 4,2005, p1) were not included. In total, Barrick acquired ten operational mines.