Barrick Gold Corp, the world’s biggest gold-mining company, saw its net profit decline by 18,5% in Q1 2013. The profit declined down to $847 million or $0,85 per share.
The company reports that the major reasons for the income decline include lower gold and copper prices and lower sales of these commodities.
At the same time, the company’s proceeds are down to $3,437bn.
However, the company’s still retains its gold production targets at around 7-7,4 million ounces, with production costs equal to $610-660 per ounce.
Meanwhile, the company produced 127 million ounces of copper during the reporting period, which is an 8,5% year-over-year increase. The company’s gold production declined by 4,5% during the reporting period.
The mentioned stats seem to be affecting the company’s stock. The chart below, courtesy of , reflects the current state of affairs in the market of ABX:
