Mining company African Barrick Gold has posted first quarter revenue on par with the same period last year despite reduced production levels due to mine sequencing resulting, as expected, in lower grades.
Revenue remained steady at $267.5m dollars (2010: $266.6m), but cash generated from operating activities plunged 36% from $86.7m to $55.5m, with basic earnings per share down 30% from 12.3 cents to 8.6 cents.
Attributable gold production fell 17% from 173,907 to 144,643 ounces and attributable gold sold dropped 17% from 172,003 to 145,417 ounces. However, the cash cost rose 41% from $659 per ounce to $925 per ounce.
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The average realised gold price increased from $1,392 to $1,697 per ounce.
Chief Executive Officer Greg Hawkins said: "The first quarter's results reflect the expected mine sequencing for 2012 where we continue to anticipate a step up in production levels during the second half of the year.
"Our focus remains on the waste stripping programme at North Mara, ensuring that we manage the power situation in Tanzania and advancing our portfolio of growth projects, particularly Nyanzaga, which continues to produce exciting results. We remain on track to deliver against our guidance for the year and to continue enjoying strong leverage to the gold price."
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