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Barrick Gold Profit, Revenue Fall in 3Quarter

.Copper output offset lower gold production

The Canadian mining major reported net earnings of $241 million, or 14 cents a share, compared with $347 million, or 20 cents a share, a year earlier.

On an adjusted basis, earnings fell to 13 cents a share, while analysts polled on FactSet expected a greater fall, to 11 cents a share.

Revenue fell 11% to $2.53 billion, beating analyst expectations of $2.52 billion.

Production fell to 988,000 ounces of gold from 1.1 million ounces a year earlier, while its average realized gold price fell 3% to $1,722 an ounce, the company said.

Copper production was 123 million pounds, a 19% rise from a year earlier, it said. The realized price for copper fell to $2.30 a pound from $2.57 a pound, it said.

The company "remains on track to achieve its 2022 production guidance despite some short-term operational challenges and rising input costs," President and Chief Executive Mark Bristow said.