African Barrick Gold posted a 30 per cent increase in core profit for
2011, as a rising gold price pushed margins to record levels, offsetting the
impact of soaring costs across the industry and helping the miner treble its
dividend.
The Tanzania-focused company said last month its full-year production
dipped in 2011, after power outages at its Buzwagi mine held back output in the
final quarter.
ABG, a unit of the world's largest gold producer Barrick Gold Corp,
said on Thursday earnings before interest, tax, depreciation and amortisation
(EBITDA) rose to US $544 million in 2011, broadly within the range of analyst
estimates, on the back of a 25 percent rise in revenues.
ABG, which operates four gold mines in Tanzania, said its cash margin
increased by a third to $895 per ounce, helping it to boost its total dividend
208 percent to 16.3 cents per share.
Source: Reuters,af.reuters.com
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