(Reuters) – Canadian miner Barrick Gold Corp
Gold prices have gained about 12% this year, mainly driven by a dovish U.S. Federal Reserve and global growth concerns, which has bolstered the bullion’s safe-haven appeal.
The miner, however, trimmed its gold forecast for the year, as the industry braces for a heavy hit from the nationwide lockdown to slow the spread of the coronavirus. Larger rival Newmont warned on Tuesday of a financial impact in the second quarter.
The company now expects gold production to range from 4.6 million ounces to 5 million ounces due to the recent development at Porgera gold mine, after the Papua New Guinea government declined a lease extension due to environmental damage and social unrest.
Barrick’s adjusted profit rose to $285 million, or 16 cents per share, in the first quarter ended March 31, from $184 million, or 11 cents per share, a year earlier.
Realized gold prices rose to $1,589 per ounce from $1,307 per ounce a year earlier.
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Krishna Chandra Eluri)
