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Barrick on track for full-year output at high end, costs at low end of guidance

|About: Barrick Gold Corporation (GOLD)|By:, SA News Editor

Barrick Gold (NYSE:GOLD) +1.7% pre-market after reporting better than expected Q3 earnings and a 43% Y/Y revenue increase to $2.68B, helped by higher production and gold prices.

Q3 gold production climbed 13% Y/Y to 1.3M oz. from 1.15M oz. in the prior-year quarter at all-in sustaining costs of $984/oz. vs. $785/oz. a year ago.

Barrick's average realized gold price in the quarter jumped 21% Y/Y to $1,476/oz. from $1,216/oz. in the year-ago quarter.

Barrick says strong Q3 results show it is on track to deliver production at the higher end and costs at the lower end of its guidance ranges for the year, which are 5.1M-5.6M oz. of production at all-in sustaining costs of $870-$920/oz.; full-year copper production is forecast at 375M-430Mlbs. at all-in sustaining costs of $2.40-2.90/lb.

The company also raised its quarterly dividend by 25% to $0.05/share, as Q3 net cash flow from operations hit $1B vs. $434M in Q2 and $706M in the year-ago quarter.

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