UPDATE 1-Barrick Gold profit falls on costs, copper prices
* EPS $0.42 vs $0.59
* Revenue falls 6.6 percent to $1.8 bln
* Sees 2010 production of 7.7 mln-8.1 mln ounces (Adds details, in U.S. dollars unless noted)
TORONTO, April 29 (Reuters) - Barrick Gold Corp (ABX.TO) said on Wednesday its first-quarter profit fell 28 percent, as higher costs and weaker copper prices squeezed earnings.
Barrick, the world's top gold producer, earned $371 million, or 42 cents a share, in the three-month period that ended March 31. That was down from $514 million, or 59 cents a share, in the year-ago period.
Adjusted earnings were 34 cents a share. Analysts had expected a profit of 36 cents a share, on average, as polled by Reuters Estimates.
Gold production rose 0.6 percent to 1.76 million ounces, while copper production jumped 9 percent to 95 million pounds.
While gold prices dipped slightly to $908 an ounce from $925, copper prices fell 16 percent, which helped pull revenue down 6.6 percent to $1.8 billion.
Cash costs per ounce rose to $484 per ounce from $395 per ounce. Barrick has not benefited from the sharp year-over-year drop in oil prices to the same degree as other gold players due to hedges it put on oil last year. ($1=$1.20 Canadian) (Reporting by Susan Taylor and Cameron French; Editing by Maureen Bavdek)
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