Barrick not immune to pressures PDF Print E-mail
Thursday, 08 November 2012 17:03

Even the world's biggest gold miner has shown it is not bulletproof as rising cash costs impact on the Australia Pacific operations of Canada's Barrick Gold Corporation.

Barrick’s third quarter report shows cash costs have increased 34 per cent in its Australia Pacific region to US$815/oz ($783), up from US$609/oz ($585) at the same time last year.

The region includes Kalgoorlie-Boulder’s Super Pit, in which Barrick holds a 50 per cent interest alongside Newmont Mining Corporation, as well as the Kanowna Belle mine located 19km north-east of Australia’s unofficial gold capital.

Australia Pacific produced 481,000oz at total cash costs of US$815/oz in the September quarter, up two per cent from 472,000oz for the same period last year.

Despite the increase in cash costs, Barrick’s profit margins are still well ahead of rival producers who have blamed cost cutting for recent job cuts across the Goldfields.


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