Record high gold prices and lower taxes helped propel Barrick Gold Corp. past street estimates for profit in the third quarter, as it moves to end a fracas in the South Pacific that has idled one of its smaller gold mines.
The Toronto-based company, the world’s second-biggest gold miner by market value after Newmont Corp., reported a net profit of US$882-million for the three months ending on Sept. 30. On an adjusted basis, Barrick’s profit was US$0.41 a share, 8 cents better than analysts surveyed by Refinitiv expected.
Historically, gold has been sought out by investors in times of extreme financial market uncertainty, and the COVID-19 pandemic has turned bullion into one of the world’s best performing asset classes this year.
Barrick sold gold at an average of US$1,926 in the quarter, 30 per cent higher than the same quarter in 2019. In August, gold hit a new all-time high of US$2,050 an ounce.