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Wednesday, April 27, 2011

Barrick profit lifted by surge in bullion prices, (TSE: ABX), (TSE: EQN)

Barrick Gold (ABX.TO), the world's largest gold miner, reported a 22 percent increase in its quarterly profit on Wednesday, driven largely by a surge in bullion prices. Barrick, which this week surprised investors with its $7.7 billion plan to acquire copper miner Equinox Minerals (EQN.TO), said first-quarter net income rose to $1 billion, or $1 a share, compared with a year-ago profit of $820 million, or 82 cents. Excluding one-time items, earnings in the quarter ended March 31 were $1.01 a share, the company said.

Shares of ABX remained unchanged at $50.19. In the past year, the shares have traded as low as $39.67 and as high as $55.74. On average, 8794760 shares of ABX exchange hands on a given day and today's volume is recorded at 16252.