Barrick Gold (TSX: ABX; NYSE: ABX) and Goldcorp (TSX: G; NYSE: GG) – Canada’s top gold companies by market cap – recently released their fourth quarter and full-year 2016 results. Here are the highlights:
Barrick reported better than expected fourth quarter and full year earnings, helped by strong production results, higher gold and copper prices, and lower operating costs.
Adjusted earnings were US22¢ per share for the December quarter, beating analyst expectations, compared to US8¢ per share in the same period of 2015.
Adjusted 2016 profit was US$818 million, or US70¢ per share, versus US$344 million, or US30¢ per share, in 2015, when the Toronto-based miner took a US$3.9 billion impairment. Barrick recorded an impairment reversal of US$250 million in 2016.
Read the entire story at The Northern Miner.