Wednesday, February 15, 2017 6:20:50 PM
UPDATE 1-Barrick profit beats expectations, miner lifts dividend
Wednesday February 15, 2017 17:47
(Adds consensus estimate, exploration spending plans, revenue, details on debt reduction)
TORONTO, Feb 15 (Reuters) - Barrick Gold Corp reported better-than-expected profits and ambitious plans to further pare its debt on Wednesday, saying its balance sheet is now healthy enough to boost dividends and spending on exploration.
The Toronto-based miner, which is hiking its dividend to 3 cents from 2 cents a share, said it will expand exploration beyond core districts and projects to so-called 'greenfield' areas.
Such uncharted territory presents a higher risk of failure, but bigger potential rewards for sizeable, new finds. About 80 percent of its $185-$225 million exploration budget is earmarked for the Americas, with much of the remainder for its African unit, Acacia.
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