Barrick Gold Corp. said Thursday its second-quarter profit rose 59 per cent, as record gold prices helped boost results and prompted the world's largest gold miner to raise its dividend by 20 per cent.
Net income in the quarter ended June 30 came to $783-million (U.S.), or 79 cents a share, compared with a year-earlier profit of $492-million, or 56 cents a share.
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Excluding items, the company reported earnings of $759-million, or 77 cents a share, up from $431-million, or 49 cents a share, a year earlier.
Quarterly revenue rose 34 per cent to $2.64-billion, helped by increased production and a higher average realized gold price.
Gold, which rose to a record high of more than $1,260 an ounce in June, averaged nearly $1,200 an ounce in the quarter - up about 8 per cent from the previous quarter and nearly 30 per cent above year-earlier levels.
Barrick's board also authorized a quarterly dividend of 12 cents a share, which translates into an annual dividend of 48 cents a share - 20 per cent above the company's current payout of 40 cents a share.