TORONTO — Barrick Gold Corp. reported a first-quarter profit of US$438 million, down from US$538 million in the same quarter last year.

The gold miner also says it will pay a quarterly dividend of 20 cents per share including its base payment of 10 cents plus an additional 10 cents related to a performance-based component.

Barrick, which keeps its books in U.S. dollars, says its profit amounted to 25 cents per diluted share for the quarter ended March 31, compared with 30 cents per diluted share a year earlier.

Revenue for the quarter totalled US$2.85 billion, down from $2.96 billion in the first three months of 2021.

Gold production in the quarter amounted to 990,000 ounces, down from 1.1 million a year earlier, while copper production totalled 101 million pounds, up from 93 million pounds in the same quarter last year.

On an adjusted basis, Barrick says it eared 26 cents per share for the quarter, down from an adjusted profit of 29 cents per share a year ago.

This report by The Canadian Press was first published May 4, 2022.

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