Lower Copper and Gold Prices Sink Barrick’s Quarter, Still Beats Low Expectations

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Barrick Gold Corp. Wednesday reported lower third-quarter earnings as the miner continues to grapple with lower gold and copper prices. Adjusted earnings still beat expectations in a sign the company’s efforts to lower mining costs and focus attention on its most profitable projects could be generating some benefit, the Wall Street Journal reported.

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Barrick and other mining companies have been under pressure to cut costs and sell assets amid lower commodity prices and after accruing large debts buying up mines during the boom years.

The cash price of primary copper saw the biggest increase at 0.9% on the LME, finishing at $6,859 per metric ton for Wednesday, October 29. Also on the LME, the copper 3-month price rose 0.9% to $6,795 per metric ton.

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At $3.81, the price of US copper producer grade 122 finished the market day up 0.8% per pound. The price of US copper producer grade 110 rose 0.8% to $3.81 per pound. The price of US copper producer grade 102 inched up 0.8% to $4.00 per pound. The cash price of primary Japanese copper gained 0.5% to finish at JPY 764,000 ($7,017) per metric ton.

Chinese copper closed mixed yesterday. Chinese copper bar gained 0.2% to finish at CNY 49,080 ($7,991) per metric ton. The Chinese copper cash price increased 0.2% to CNY 49,280 ($8,024) per metric ton. The price of Chinese copper wire remained essentially flat at CNY 50,395 ($8,205) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,213) per metric ton.

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