African Barrick Gold core earnings, revenue fall on lower prices

April 24, 2014

(Reuters) – Miner African Barrick Gold said revenue and core earnings for the first quarter fell as it realised lower prices for the yellow metal during the period.

African Barrick, whose primary producing mines are located in Tanzania, said core earnings or earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter ended March 31 fell 21 percent to $64.7 million (38.54 million pounds).

While gold production rose, revenue slipped 12 percent to $216.3 million as the average realised gold price fell 19 percent from a year earlier.

(Reporting by Karen Rebelo in Bangalore; Editing by Gopakumar Warrier)

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