Barrick Gold Corp. said Thursday its third-quarter profit jumped 52 percent as higher prices offset lower production. The world's biggest gold miner also increased its dividend.
Net income for the three months ended Sept. 30 rose to $1.39 billion, or $1.39 per share, compared to $912 million, or 93 cents per share, in the year-earlier period.
Revenue soared nearly 44 percent to $4 billion. the price of gold during the quarter briefly
Gold production slipped modestly to 1.93 million ounces from 2.06 million ounces in the third quarter of last year.
The company also expects total copper production of between 450 million and 460 million pounds in 2011, which is slightly lower than its previous forecast of 455 million to 475 million pounds.
Barrick's board also approved a 25 percent increase in its dividend, from 12 cents per share to 15 cents per share. The dividend is payable on Dec. 15 to shareholders of record on Nov. 30.
The Toronto-based company, which also produces copper and other metals, said it is on track to achieve its original full-year operating guidance, but narrowed expected gold production and cash cost ranges to 7.6-7.8 million ounces at total cash costs of $460 to $475 per ounce.
Shares rose in midday trading by $1.28, or 2.68 percent, to $49.13.