Barrick Reports Fourth Quarter and Full Year 2013 Results
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TORONTO, February 13, 2014 — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today reported a fourth quarter net loss of $2.83 billion ($2.61 per share), including after-tax impairment charges of $2.82 billion.
Adjusted net earnings were $0.41 billion ($0.37 per share).
Operating cash flow was $1.02 billion and adjusted operating cash flow was $1.09 billion.
For the full year 2013, Barrick reported a net loss of $10.37 billion ($10.14 per share), including after-tax impairment charges of $11.54 billion.
Adjusted net earnings were $2.57 billion ($2.51 per share).
Operating cash flow of $4.24 billion and adjusted operating cash flow of $4.36 billion reflect the underlying strength of the companys high-quality mining operations.
"The disciplined capital allocation framework that we adopted in mid-2012 has been at the core of every decision weve made in the last year and half, and has put us in a much stronger position to deal with the challenging gold price environment our industry is facing today.
Under a comprehensive plan to strengthen the company, we have become a leaner, more agile organization, better protected against further downside price risk and well positioned to take advantage of attractive investment opportunities going forward," said Jamie Sokalsky, Barricks President and CEO.
"We have increased our focus on free cash flow and risk-adjusted returns, and successfully executed on our key priorities, which include operational excellence, a stronger balance sheet and the ongoing optimization of our asset portfolio.
This required decisive action, including the temporary suspension of Pascua-Lama, and an even greater focus on generating higher returns even if that means producing fewer ounces.
These were the right decisions for our shareholders and for the company, and we are now seeing the tangible benefits of our efforts."
Read the full press release at Barrick.com
Conference Call and Webcast
Please join us at 9:30 a.m.
Toronto time for the Fourth Quarter 2013 Results conference call and webcast
Barrick Gold Corporation
Brookfield Place
TD Canada Trust Tower
161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1 Canada