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MTECHTIPS:-Commodities Buzz: Barrick Lower Gold Production Guidance As Lower Prices Take Toll On Earnings

MTECHTIPS:-Commodities Buzz: Barrick Lower Gold Production Guidance As Lower Prices Take Toll On Earnings

Barrick Gold Crop, the world’s largest gold-mining company reported yesterday that its adjusted second-quarter net earnings were $60 million compared to $159 million in the same period a year ago. Falling gold prices are taking a severe toll on the earnings of the major mining companies. Barrick lowered its guidance for production in 2015 but also chopped its outlook for all-in sustaining costs. The board of directors reduced the quarterly dividend from 5 cents per share to 2 cents per share. Barrick had a net loss for the quarter of $9 million compared to a net loss of $269 million, in the prior-year quarter. For the quarter ending June 30, Barrick received an average gold price of $1,190 an ounce, down from $1,289 in the same period a year ago. Gold production in the quarter fell to 1.45 million ounces from 1.49 million ounces, while all-in sustaining costs came in at $895 an ounce, up from $865 a year earlier.
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