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Barrick Gold Cuts 2002 Forecast as Costs Increase

September 26, 2002
Gold, Commodities, Midas du Metropole

Gold $320.40 down $1.90 - Silver $4.50 down 8 cents
German FT: there is a huge "time-bomb" in the gold market

Gold was trashed by the usual suspects, but held $320 on the close. Gold now needs to close above $322 to get back on the bullish track.

The most important gold news of the day revolved around Barrick and JPM. Barrick, gold and other gold shares seemed to sell off on the following announcement.
Barrick Gold Cuts 2002 Forecast as Costs Increase
By Anna Dubrovsky

Toronto, Sept. 26 (Bloomberg) -- Barrick Gold Corp., the world's No. 2 gold producer, cut its profit forecast for the year because lower-than-expected ore grades at some mines raised costs.

Shares of Barrick fell $1.77, or 10 percent, to $16 as of 7:35 a.m. New York time in Instinet trading. They closed at $17.77 yesterday in New York Stock Exchange composite trading. The stock had risen 11 percent this year.

Profit will be 33 cents to 35 cents a share, excluding non- hedge-related adjustments, Barrick said in a press release distributed by Business Wire. The Toronto-based company said in July that earnings would be at the ``lower end'' of 42 cents to 47 cents.

Barrick's cost of producing gold will be higher than expected because of a decline in the ore's grade. Costs this year will average $178 an ounce, more than the company's previous forecast of $172, Barrick said. The company trimmed its production forecast to 5.67 million ounces from 5.69 million.

Profit for the third quarter, which ends Monday, will be 5 cents to 6 cents, the company said. The average estimate of analysts surveyed by Thomson First Call is 12 cents. Barrick expects to earn 10 cents to 11 cents in the fourth quarter, which would be less than analysts' 13-cent average estimate.

Processing problems at several mines haven't been fixed as quickly as the company had expected, Chief Operating Officer John Carrington said in the statement.

Link to Article Source

Universal 7 Radio | gtbroadcasting.com | GlobalEnquirer.com | Comment

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