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African Barrick reports profit, raises production forecast

Reuters - UK Focus

July 25 (Reuters) - African Barrick Gold Plc (LSE: ABG.L - news) reported a profit for the first half of 2014, compared with a year-earlier loss, helped by higher output and lower costs.

The FTSE 250 company, which primarily operates in Tanzania, also raised its full-year production forecast to in excess of 700,000 ounces from 650,000-690,000 ounces.

The miner said it earned a net $40.8 million in the six months ended June 30, compared with a loss of $701.2 million in the same period of 2013 when it took a writedown of $727 million. (Reporting by Karen Rebelo; Editing by Ted Kerr)