By Nichola Saminather
TORONTO, May 8 (Reuters) - Barrick Gold Corp , the world's second-largest gold producer, reported adjusted earnings that beat estimates on Wednesday as gold output climbed in its first quarter of operations since its acquisition of Randgold Resources.
The Toronto-based company said adjusted net income was 11 cents a share, versus analyst expectations of 9 cents. It rose to $184 million, from $170 million a year ago, although it fell on a per-share basis from 15 cents.
Following the close of its $6.1 billion takeover of Randgold Resources in January, Barrick's new management has focused on streamlining operations and reviewing assets to focus on its best-performing and lowest-cost mines.
The company said on Wednesday it had identified the assets that do not fit its portfolio profile, which are likely to be divested. It did not name the mines.
However, Barrick said it is "looking at other prospects to the north and into Canada."
Barrick's Nevada joint venture with rival Newmont Mining , which it agreed to during the period, is expected to be implemented by the end of the second quarter, the company said.
"The new Barrick is off to a strong start but there is a long road ahead of us and much still to be done to achieve our goal of becoming the most valued gold company," the combined company's new Chief Executive Mark Bristow said in a statement.
The company reiterated its production forecast of 5.1 million to 5.6 million ounces of gold for 2019, an increase of at least 13% from 2018, but said all-in sustaining costs were expected to rise to between $870 and $920 an ounce, from $806 a year ago.
Quarterly net income of $111 million, or 6 cents per share, fell from $158 million, or 14 cents per share, a year earlier, but the Barrick said the merger had impacted the results.
Gold production rose to 1.37 million ounces, at an all-in sustaining cost of $825 per ounce, from 1.05 million ounces at $804 per ounce a year ago. Copper production increased to 106 million pounds from 85 million pounds a year ago.
The company declared a quarterly dividend of 4 cents a share.