Barrick Gold Corp., which bought Placer Dome Inc. in March to become the world's biggest gold producer, said second-quarter net income surged to a record $459 million as output rose and bullion prices rallied.

Per-income was 53 cents, compared with net income of $47 million, or 9 cents a share, a year earlier, Toronto-based Barrick said today in a statement. Sales more than tripled to $1.6 billion.

Chief Executive Gregory C. Wilkins opened new mines in Argentina and Australia, helping to boost output by 80 percent to 2.1 million ounces. Barrick gained mines in Australia, South Africa, Tanzania and Nevada from its $10 billion acquisition of Placer Dome. Gold from Barrick's mines sold on average at $592 an ounce, up 40 percent.

``The Placer acquisition has improved the company, giving them more avenue for growth,'' said Joseph Foster, who manages $415 million at Van Eck International Investors Gold Fund, which has risen 77 percent in the past year and owns Barrick. ``They have probably got one of the better growth profiles among the major'' gold producers, Foster said before the results.

Shares of Barrick rose 75 cents, or 2.4 percent, to $32.20 at 4:15 p.m. on the New York Stock Exchange. Barrick has risen 28 percent in the past year compared with a 61 percent rally in the Philadelphia Stock Exchange Gold & Silver Index of 16 mining companies, including top gainer Agnico-Eagle Mines Ltd.

Analysts' Estimates

The company was expected to earn 45 cents, based on the mean estimate of 16 analysts surveyed by Thomson Financial. Thomson didn't say what parameters were used in the estimates.

Barrick kept its forecast of gold production this year unchanged at 8.6 million to 8.9 million ounces, an increase from last year's total of 5.46 million. Total cash costs will be $275 to $290 for each ounce of gold, up from $227 last year, Barrick said. The company raised its forecast for production of copper to 370 million pounds from 350 million pounds, leaving its cost estimate unchanged at 75 cents to 80 cents a pound.

Gold in New York rose 47 percent on average during the quarter to $631.19 an ounce as investors sought a hedge against inflation and diversified from stocks and bonds. Prices, which reached a 26-year high of $732 on May 12, rose 0.8 percent to $664.10 an ounce today.

The cash cost to produce gold rose 16 percent to $281 an ounce, the company said.