Barrick Gold Corporation (Barrick Gold), the world's largest producer of gold, reported record earnings in the first quarter, driven by higher bullion prices and increased production from its mines as the global economy showed signs of revival from the worst recession in over six decades.
The Toronto-based miner reported a net income of $758 million or 76 cents a share in the first quarter of 2010, which is more than double the earnings of $371 million or 42 cents a share for the same quarter in 2009.
Adjusted earnings excluding one-time items, was $741 million or 75 cents per share for Q1.
Barrick Gold's president and CEO Aaron Regent said: "We had a good start to the year with our operations performing well, and when combined with higher metal prices, the result was record earnings and operating cash flow for the quarter."
Total sales were at $2.56 billion, up 44 per cent for the first quarter over $1.78 billion last year.
Gold production for Q1 2010 increased 19 per cent to 2.08 million ounces against last year's 1.76 million ounces. Cash costs were down 42 cents or 8.7 per cent at $442 per ounce during the quarter.