Barrick (ABX) Looking for Another Strong Year

Coming off an impressive year in 2010, Barrick Gold (NYSE:ABX) is poised for another, expecting gold production to reach up to 8 million ounces in 2011.

Barrick easily exceeded earnings estimates in the fourth quarter, as the company made 95 cents a share, 11 cents above consensus of 84 cents a share. That was 55 percent above the same quarter last year.

Revenue for the quarter surged to a new high of $2.95 billion at cash costs of $486 an ounce. Net costs came in at $326 an ounce. Net costs are determined by subtracting sales of byproduct metals of the mines.

Guidance for 2011 is for cash costs to be from $450 to $480 an ounce, or net $340 to $380 an ounce.

Costs will be slightly higher in 2011 because of the boost in price in raw materials and the lower quality grades encountered as some of Barrick's mines.

The gold miner is keeping their quarterly dividend at $0.12.

Barrick closed Thursday at $50.64, up $0.92, or 1.85 percent.