Barrick Gold losing money
Canadian mining company Barrick Gold has announced that it lost US$83million in the first quarter of 2016 compared to its net profit in the same period last year of US$57 million.
Barrick Gold has mines in several countries including the Dominican Republic and the company said that the loss was due to the exchange rate.
The mine at Pueblo Viejo delivered 172,000 ounces of gold at US$496 an ounce and the company expects to produce 600,000 to 650,000 by the end of the year.
Barrick Gold adds that it will be able to increase its income from Pueblo Viejo by selling back the surplus power it generates from its own plant to the Dominican state.
Source: DR1, Eldia
April 27, 2016
Category: DR News |