Abu Dhabi’s IRH explores investing in Alphamin’s Congo tin mines
Alphamin’s tin projects are in North Kivu province, which has been wracked by conflict for three decades.
African Barrick Gold reported on Tuesday net income of $120 million, a 21% increase over H1 in 2010. The EPS was 29.3 cents.
The EBITDA was up 25% to $245 million and operational cash flow was $186 million, an increase of 18% on H1 2010.
Cash costs for gold climbed 24% to $655 per ounce due to cost inflation and North Mara mine sequencing.
Gold production, which was 345,857 ounces, was in line with overall expectations for the first half of the year. Gold sales were 3% higher than production for H1 2011 due to better inventory management.
