TORONTO — Barrick Gold Corp. raised its dividend as it reported a third-quarter profit boosted by a one-time gain related to its Turquoise Ridge mine, which is part of its Nevada Gold Mines venture with Newmont Goldcorp Corp.
The gold miner says it will raise its quarterly dividend by a penny to a nickel per share, helped by its operational performance and a growth in cash flows.
The increased payment to shareholders came as Barrick, which keeps its books in U.S. dollars, said it earned nearly US$2.28 billion or $1.30 per share for the quarter ended Sept. 30, up from a loss of $412 million or 35 cents per share a year ago.
Revenue totalled $2.68 billion, up from $1.84 billion in the same quarter last year before the company merged with Randgold Resources Ltd.
On an adjusted basis, Barrick says it earned $264 million or 15 cents per share in its most recent quarter compared with an adjusted profit of $89 million or eight cents per share in the same quarter last year.
Analysts on average had expected a profit of 11 cents per share on $2.82 billion in revenue in the three months ended Sept. 30, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Nov. 6, 2019.
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