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Barrick Reports Second Quarter 2017 Results

TORONTO, ONTARIO--(Marketwired - Jul 26, 2017) - Barrick Gold Corporation (ABX.TO)(ABX.TO)


All amounts expressed in U.S. dollars unless otherwise indicated

  • Barrick reported second quarter net earnings attributable to equity holders ("net earnings") of $1.084 billion ($0.93 per share), and adjusted net earnings(1) of $261 million ($0.22 per share).
  • The Company reported second quarter revenues of $2.160 billion, net cash provided by operating activities ("operating cash flow") of $448 million, and free cash flow(2) of $43 million.
  • Gold production in the second quarter was 1.432 million ounces, at a cost of sales applicable to gold(3) of $726 per ounce, and all-in sustaining costs(4) of $710 per ounce.
  • Total debt was reduced by $309 million in the second quarter.
  • We continue to expect full-year gold production of 5.3-5.6 million ounces, at a cost of sales(3) of $780-$820 per ounce, and all-in sustaining costs(4) of -$770 per ounce.
  • Normal leaching operations, including the addition of cyanide, have resumed at the Veladero mine in Argentina, following the anticipated ramp up and testing of upgraded leach pad systems.
  • We completed the formation of our strategic partnership with Shandong Gold, a landmark agreement with the potential to create fundamental long-term value for our respective owners, as well as our community and government partners in Argentina.
  • Barrick will begin discussions with the Government of Tanzania next week concerning the concentrate export ban and other issues impacting Acacia Mining plc's operations in the country.

Barrick Gold Corporation ("Barrick" or the "Company") today reported second quarter results for the period ending June 30, 2017.

Our portfolio delivered higher gold production and a 10 percent decrease in direct mining costs compared to the...