Barrick Gold plans to reopen Ruby Hill mine at Eureka

Friday, Oct. 29, 2004 | 10:58 a.m.

ELKO -- Barrick Gold Corp. is moving forward with the reopening of the Ruby Hill gold mine at Eureka and intends to begin work next month on a new power plant in western Nevada.

The announcements came this week as Barrick reported third-quarter earnings of $32 million, or 6 cents per share, compared with $35 million, or 7 cents per share, in the third quarter of last year.

Greg Wilkins, Barrick's president and chief executive, said the company benefited from higher gold prices, but lower gold sales and higher cash costs affected earnings.

Barrick realized a gold price of $395 per ounce, compared with the spot average of $401 per ounce, Wilkins said.

"We're quite bullish on gold," he said. "We're seeing a positive and sustained rally in the gold price."

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