Gold: Do they Pan Out?

Barrick Gold Corporation

The Company

Barrick Gold Corporation entered the gold mining business in 1983. It now ranks as the world's most profitable and the largest gold producer outside South Africa. Today gold reserves exceed 43 million ounces and annual production is over 3 million ounces. Barrick has 11 producing mines and one mine in development. Through an aggressive development program, the Company is building a strong and growing presence in North and South America, Asia and West Africa.

Latest Financials

Net income for the third quarter ended September 30, 1996 was $21.0 million, 6 cents per share, compared with $67.7 million, 19 cents per share, in the 1995 quarter. Barrick charged $38 million on an after tax basis, 10 cents per share, to third quarter earnings to cover the Cerro Corona costs. Operating cash flow for the quarter was $111.7 million compared with $126.2 million in the same period of 1995. For the nine months ended September 30, 1996, net income was $161.9 million, 45 cents per share, compared with$214.2 million, 60 cents per share, in the year earlier period. Operating cash flow for the nine months was $342.4 million, 95 cents per share, compared with $351.3 million, 99 cents per share, in the same period of 1995.

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