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Barrick Gold (NYSE:GOLD) +1.4% pre-market Wednesday after beating Q1 adjusted earnings estimates and said it entered into an exploration earn-in agreement with Geophysx Jamaica, the country’s top mineral exploration force and license holder.
Q1 net earnings jumped to $295M, or $0.17/share, from $120M, or $0.07/share, in the year-earlier quarter, and revenues rose 4% Y/Y to $2.75B, as Barrick’s (GOLD) average realized gold price rose to $2,075/oz from $1,902/oz a year ago.
Q1 total gold production fell by 12K oz from a year ago to 940K oz, due in part to planned maintenance at the Nevada gold mines, while copper output was steady at 40K metric tons.
Barrick (GOLD) said it expected costs at its top assets to track lower during the year on steadily increasing production, and affirmed full-year targets of 3.9M-4.3M oz of gold and 180K-210K tons of copper.
The company said its partnership with Geophysx Jamaica will initially provide access to 4K sq km of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic, where it operates the Pueblo Viejo mine.
Barrick (GOLD) will have the right to work with Geophysx to earn up to an 80% joint venture interest in designated properties upon fulfillment of certain spending obligations and other milestones.
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