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Aug. 10, 2020, 8:00 a.m. EDT

Barrick Gold profit rises, beats expectations

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By Dave Sebastian

Barrick Gold Corp. profit and revenue rose for the second quarter as it made changes to its operations at mines due to the Covid-19 pandemic,and it said it stayed within its 2020 production guidance range.

The Toronto-based mining company on Monday posted profit of $357 million, or 20 cents a share, compared with $194 million, or 11 cents a share, in the same quarter last year.

Adjusted earnings were 23 cents a share, compared with the 18 cents a share analysts polled by FactSet had expected.

The company said it produced 1.15 million troy ounces of gold, down from 1.35 million in the prior year, as Barrick had previously expected. Average realized gold price was $1,725 per ounce for the quarter.

Revenue was $3.06 billion, down from $2.06 billion in the year-ago period. Analysts were looking for $2.96 billion.

Barrick raised its quarterly dividend by 14% to 8 cents a share. It also said it reached an agreement in Mali to extend the Loulo convention to 2038.

The company last week said it is weighing moving its main listing from Toronto to New York.

Write to Dave Sebastian at dave.sebastian@wsj.com

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