African Barrick Slumps a Record as Profit Falls, Output Target
This article is for subscribers only.
African Barrick Gold Plc, a miner of the metal in Tanzania, fell by a record after fourth-quarter profit slumped 33 percent and it forecast the lowest production since the company listed in London in 2010.
The stock dropped 14 percent, the most since it first sold shares in March 2010. Net income declined to $52.7 million from $79 million a year earlier, the London-based company said today in a statement. This year’s production target is 675,000 to 725,000 ounces.