Foreign exchange losses put Barrick first quarter in the red, miner cuts costs

TORONTO – Barrick Gold Corp. (TSX:ABX) reported a first-quarter loss as it was hurt by one-time foreign exchange losses.

The gold miner, which keeps its books in U.S. dollars, said it lost US$83 million or seven cents per share for the quarter ended March 31. That compared with a profit of $57 million or five cents per share a year ago.

Revenue fell to $1.93 billion from $2.25 billion in the first three months of 2015.

On an adjusted basis, Barrick said it earned $127 million or 11 cents per share in the quarter, up from $62 million or five cents per share a year ago.

Barrick said it produced 1.28 million ounces of gold in the quarter at an all-in sustaining cost of $706 per ounce. That compared with 1.38 million ounces at $927 per ounce a year ago.

The company lowered its all-in sustaining cost guidance for 2016 to $760 to $810 per ounce compared with its original guidance of $775 to $825 per ounce.