David West

Barrick Gold Hikes Dividend As 1Q Profit Edges Higher

Barrick Gold Corp.

(ABX) reported a modest boost in first-quarter earnings and hiked its quarterly dividend 33%, but rising costs took some of the shine off higher commodities prices for the world's largest gold miner.Underscoring the fresh cost pressures, Barrick said it was reviewing the capital costs and schedule of a major new mine on the border of Chile and Argentina, helping send shares down $1.08, or 2.7%, to $39.36 in New York.Barrick also said its chief operating officer is retiring this summer. Hr will be succeeded in the COO post immediately by the president of the company's Latin America division.Barrick said net earnings rose to $1.03 billion, or $1.03 a share, in the first quarter from $1.00 billion, or $1.00 a share, a year earlier. Revenue rose 18% to $3.64 billion, up from $3.09 billion in the same quarter last year.Barrick again benefited from heady commodities prices. In the latest quarter, gold prices increased 22%, to an average of $1,691 an ounce, from a year earl...

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