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Barrick's FY'19 gold output tipped near upper end of guidance after strong Q2

Barrick Gold Corp. swung to a net profit attributable to shareholders of US$194 million in the second quarter from a year-ago loss of US$94 million and expects full-year output at the upper end of its guided range of 5.1 million ounces to 5.6 Moz.

Revenue jumped 21% year over year to US$2.06 billion in the quarter as gold sales rose 32% to 1.37 million ounces with realized prices of US$1,317 per ounce, rising from US$1,313/oz. Gold output rose 27% from a year ago to 1.35 Moz, and copper production was up 17% to 97 million pounds.

All-in sustaining costs for gold increased to US$869/oz for the quarter from US$856/oz a year earlier, and all-in sustaining costs for copper fell to US$2.28/lb from US$3.04/lb.

The company expects full-year all-in sustaining costs at between US$870/oz and US$920/oz. Copper production in 2019 is expected at between 375 million and 430 million pounds at all-in sustaining costs per pound of US$2.40 to US$2.90.

The company posted a 43% year-over-year rise in adjusted EBITDA to US$972 million during the quarter.

Consolidated capital expenditures increased 21% on a yearly basis to US$379.0 million, with the full-year figure guided at US$1.4 billion to US$1.7 billion.

Barrick is integrating operations following a flurry of activity over the past few quarters, including the acquisition of Randgold Resources late in 2018, a joint venture in Nevada with the world's biggest gold producer, Newmont Goldcorp Corp., and the buyout of Tanzania-focused unit Acacia Mining PLC.

CEO Mark Bristow said the takeover of Acacia should be finalized in September.