African Barrick to pay bigger dividend

City A.M. Reporter
AFRICAN Barrick Gold posted forecast-beating output and a 54 per cent jump in second-quarter income yesterday, despite setbacks including an armed attack on one of its mines, as it rebuilds investor confidence after a damaging target miss last year.

Net income rose to $69.8m (£42.6m) in the three-month period, as revenue climbed 39 per cent, helped by higher gold prices. The Tanzania-focused miner also doubled its interim dividend to 3.2 cents a share.

African Barrick is looking to shore up investor confidence left shaken after it missed a 2010 production target even after it cut guidance.