October 22, 2010 / 6:30 AM / in 7 years

UPDATE 1-African Barrick Q3 profit falls on weak output

* Net income fell to $39.9 million from $43.3 million

* Q3 gold production declines to 164,996 ozs vs 213,819 ozs

* Average realised prices up 29 pct to $1,233/ounce

(Adds details)

LONDON, Oct 22 (Reuters) - African Barrick Gold’s ABGL.L net income fell 8 percent in the third quarter as weaker-than-expected gold production outweighed the effect of higher gold prices.

Net income fell to $39.9 million from $43.3 million as gold output declined 23 percent to 164,996 ounces.

    Earlier this month, African Barrick said a fuel theft at its new Buzwagi mine would reduce its overall production for the third quarter by 10,000 ounces and take about 30,000 ounces from full-year output. [ID:nLDE69D084]

    The unit of the world’s biggest gold producer, Barrick Gold Corp (ABX.TO), had revised full-year production to about 716,000 ounces from 750,000-800,000 ounces.

    The previous target itself had been reduced in July from an original estimate of 800,000-850,000 ounces due to delays in accessing higher-grade ores from the Buzwagi open pit mine.

    Reporting by Julie Crust; editing by Kate Holton

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