Barrick Reports Third Quarter 2014 Results
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Information
TORONTO, October 29, 2014 — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today reported third quarter net earnings of $125 million ($0.11 per share).
Adjusted net earnings were $222 million ($0.19 per share).
Operating cash flow was $852 million.
The company reported strong quarterly results with solid production and lower than expected costs which drove the second reduction to annual all-in sustaining cost guidance this year.
| OPERATING HIGHLIGHTS AND GUIDANCE |
| |
| |
Third Quarter |
Revised |
Previous |
| Gold |
2014 |
2014 Guidance |
2014 Guidance |
| Production (000s of ounces) |
1,649 |
6,100-6,400 |
6,000-6,500 |
| All-in sustaining costs ($ per ounce) |
834 |
880-920 |
900-940 |
| Adjusted operating costs ($ per ounce) |
589 |
|
580-630 |
| |
|
|
|
| Copper |
|
|
|
| Production (millions of pounds) |
131 |
440-460 |
410-440 |
| C1 cash costs ($ per pound) |
1.82 |
1.90-2.00 |
1.90-2.10 |
| |
|
|
|
| Total Capital Expenditures ($ millions) |
604 |
|
2,200-2,500 |
"We are pleased to report another quarter of strong operating results, underpinned by a disciplined business model that prioritizes shareholder returns," said Kelvin Dushnisky, Co-President of Barrick.
"We are focused on the best assets in the best regions, where we see the most potential to create value for shareholders, areas where we have already established distinctive geological and technical knowledge and strong partnerships.
We will only invest in mines and development opportunities that can generate strong returns and free cash flow through commodity cycles.
This is reflected in the priorities we have defined for Barrick."
"Operational excellence remains a top priority for Barrick.
Our performance in the third quarter reflects the quality of our mines and our people," said Jim Gowans, Co-President of Barrick.
"Our operating teams continue their relentless efforts to improve performance and cut costs.
As a result, we were able to reduce annual cost guidance for the second time this year."
Continue reading the press release at Barrick.com
Conference Call and Webcast
Please join us tomorrow, October 30, at 9:30 am ET for a conference call and webcast to discuss the results:
Webcast
or
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International callers dial: 416-695-7806
Participant pass code: 8055612
The conference call will be available for replay until November 13, 2014 by calling 800-408-3053 for North American callers and 905-694-9451 for International callers, pass code: 3388607.
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Barrick Gold Corporation
Brookfield Place
TD Canada Trust Tower
161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1 Canada
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