Lower gold production and higher costs made Barrick Gold Corp on Thursday to lower its 2002 and third-quarter earnings forecasts.
The company revised its 2002 projections to 33 cents to 35 cents share, before adjustments, compared with earlier guidance for earnings at the lower end of 42 cents to 47 cents.
The company said gold production is on target for 5.7 million ounces, while cash costs are expected to average $178 per ounce, compared with $172 per ounce previously estimated.
The Company expects third-quarter earnings to be in the range of five cents to six cents, before rising to the 10 to 11 cent-range in the fourth quarter.
Cash costs are expected to average approximately $180 per ounce in the third quarter. Despite the higher costs, the company expects to generate $370 million in free cash flow this year.