CORRECTED-UPDATE 2-Barrick Gold lowers cost forecast as earnings beat

(Corrects paragraph 3 to change estimate to 10 cents, not 11
cents)
April 26 (Reuters) - Barrick Gold Corp ABX.TO , the world's
largest gold producer, reported first-quarter earnings on
Tuesday that beat market expectations and also lowered its
outlook for costs this year.
Even so, its U.S.-listed shares ABX.N were down 3.7
percent at $15.51 in premarket trading on Tuesday as the gold
price retreated.
The Toronto-based miner reported adjusted earnings of 11
cents a share, up from 5 cents a year ago and ahead of analyst
expectations of 10 cents, on average, according to Thomson
Reuters I/B/E/S.
Barrick cut its forecast for all-in sustaining costs, the
industry benchmark, for this year to a range of $760 to $810 per
ounce from $775 to $825 before. It kept its gold production
forecast unchanged at 5 million to 5.5 million ounces.
The miner, which has been selling non-core assets and using
cashflow to pay down debt, said it is on track to cut debt by $2
billion this year. The company's total debt fell to $9.1 billion
at the end of March from $10 billion at the end of December.
In the first three months, gold production fell 7.9 percent
to 1.3 million ounces, while all-in sustaining costs fell 23.8
percent to $706 per ounce.
That suggests that costs "should rise over the balance of
the year or guidance is too high," TD Securities analyst Greg
Barnes said in a note to clients.
Barrick, which has mines in the Americas, Australia and
Africa, reported a net loss of $83 million, or 7 cents per
share, in the quarter ended March 31, compared with a profit of
$57 million, or 5 cents per share, a year earlier.
Its stock has doubled in value this year on the back of
stronger gold prices. Investors also have warmed to the company
as it has cut operating costs and expenses and whittled down its
mountain of debt.