Barrick first quarter profits rise 22% – Dominion Lending Centres Clearlease

Barrick first quarter profits rise 22% - Dominion Lending Centres Clearlease

VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Surging gold prices helped Barrick Gold Corp. sharply improve the company’s first-quarter bottom line, but the chairman of the giant gold miner on Wednesday was touting its decision to make a big expansion into copper.

Barrick would be foolish to follow other companies that refuse to change, Peter Munk told the company’s annual meeting in Toronto, adding that copper would provide the cash flow it needs to grow.

Already the world’s largest gold miner, Barrick made a bold move into the copper sector Monday with a friendly $7.3-billion bid to acquire Canadian-Australian miner Equinox Minerals Ltd., in a deal that would double its annual production.

With the world supply of available gold mines wearing thin, the deal allows Barrick to expand into a metal that is selling at near record prices. On Tuesday, copper closed up three cents at $4.33 US a pound.

The company has been riding high on the price of gold, which is topping record highs nearly every day, although it closed down $10.20 at US$1,498.90 per ounce on Tuesday.

But since the Equinox bid on Monday, the stock has backed off sharply from above $53 but was up 43 cents, or 0.9 per cent, to $48.18 in afternoon trading Wednesday on the Toronto Stock Exchange.

Toronto-based Barrick, which reports in U.S. dollars, said earnings in the period ended March 31 rose 22 per cent to $1 billion US, or $1 per share, compared with $820 million, or 82 cents per share, a year earlier.

Revenues increased to $3.09 billion from $2.58 billion. Analysts polled by Thomson Reuters had predicted an average of $1.04 earnings per share in the first quarter.

The results reflected “higher realized prices for both gold and copper and better than expected total gold cash costs,” Barrick said in a news release.

Gold production of 1.96 million ounces at total cash costs of $437 per ounce and net cash costs of $308 per ounce was ahead of plan primarily as a result of higher production from the company’s Cortez, Goldstrike and Veladero mines.

Meanwhile, Barrick said it was on track to meet its 2011 guidance of 7.6 million to eight million ounces at total cash costs of $450-$480 per ounce, or net cash costs of $340-$380 per ounce, “positioning Barrick as one of the lowest cost senior gold producers.”

During the quarter, Barrick was allowed to transport ore from its Cortez Hills mine in Nevada after an environmental review was approved. The mine had been operating on a restricted basis under an injunction since last April.

The Cortez property is expected to produce between 1.30 and 1.45 million ounces in 2011, much higher than its original guidance of between 1.08 million and 1.12 million ounces of gold this year.

Barrick owns and operates gold mines in Canada, the U.S., Peru, Argentina, Chile, Australia and Papua New Guinea and employs about 20,000 people around the world.

Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug



Site Map | Privacy Policy | XML Sitemap | Terms of Use | Equipment Lease Financing RSS Feed

© Copyright 2015 - Clearlease.com - Independently Owned & Operated
All trademarks are the property of their respective owners. All Rights Reserved.
This is not a commitment to lend. Home mortgages are subject to underwriting review and approval. This is a free no obligation service.
Yahoo®, Google®, Bing ® are trademarks of their respective owners.
REALTOR® -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
The MLS® is a Trademark of Multiple Listing Service, Inc.
All Commercial Mortgage and Residential Mortgage Loan Applications are processed by Dominion Lending Centres Commercial Capital Inc.
DLC® is a Trademark of Dominion Lending Centres, Inc.
All Automobile Loan & Lease Applications are funded by the Funder.
No part of this content, data or information included herein may be reproduced, republished or redistributed.


Vancouver Mortgage Leads - Residential Mortgage Leads Venacouver - FREE Mortgage Quote Vancouver
Vancouver Mortgage Leads - Residential Mortgage Leads Venacouver - FREE Mortgage Quote VancouverVancouver Mortgage Leads - Residential Mortgage Leads Venacouver - FREE Mortgage Quote VancouverVancouver Mortgage Leads - Residential Mortgage Leads Venacouver - FREE Mortgage Quote Vancouver