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Barrick Gold (ABX) Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 26, 2016 4:30 pm ET


Angela Parr - Vice President-Investor Relations

Kelvin Paul Michael Dushnisky - President & Director

Shaun Usmar - Chief Financial Officer & Senior Executive VP

Richard J. Williams - Chief Operating Officer

Matthew D. Gili - General Manager- Cortez

James Whittaker - General Manager-Lagunas Norte

Bill MacNevin - General Manager, Goldstrike, Barrick Gold Corp.

Catherine P. Raw - Executive Vice President-Business Performance

Rick Baker - Executive General Manager-Veladero

Nigel Bain - General Manager-Turquoise Ridge


Andrew Quail - Goldman Sachs & Co.

Greg Barnes - TD Securities, Inc.

David Haughton - CIBC World Markets, Inc.

Anita Soni - Credit Suisse Securities (Canada), Inc

Kerry Thomas Smith - Haywood Securities, Inc.

Jorge M. Beristain - Deutsche Bank Securities, Inc.

Stephen David Walker - RBC Dominion Securities, Inc.

Jeremy Sussman - Clarkson Capital Markets LLC


Ladies and gentlemen, thank you for standing by. Welcome to Barrick's First Quarter 2016 Results Conference Call. During the presentation, all participants are in a listen-only mode. Afterwards we will conduct a question-and-answer session. As a reminder, this conference call is being recorded on April 26, 2016.

I'll now turn the conference over to Angela Parr, Vice President of Investor Relations. Please go ahead.

Angela Parr - Vice President-Investor Relations

Before we begin, I would like to highlight that during the presentation, we will be making forward-looking statements. This disclaimer slide includes a summary of the risks and factors that could affect Barrick's future performance and our ability to deliver on these forward-looking statements. A review of our most recent AIF will provide you with a more complete discussion of these risks and factors.

This conference call is being recorded and a replay will be available on our website,, tonight on April 26, 2016.

With that, I'd like to turn it over to our President, Kelvin Dushnisky.

Kelvin Paul Michael Dushnisky - President & Director

Good afternoon to everyone on the call. Thank you for joining us. I'm here today with our Chief Financial Officer, Shaun Usmar, and our Chief Operating Officer, Richard Williams. As many of you know, this is Shaun's last day with Barrick. Shaun, we want to thank you for all your many contributions to the company, and wish you all the best in your new venture. Shaun will be succeeded as CFO by Catherine Raw, who is also here with us today.

I am also joined by two of our GMs, Matt Gili from Cortez and Jim Whittaker from Lagunas Norte. Matt and Jim will review the performance of their respective operations, and will also comment on the updated technical reports we filed for Cortez and Lagunas Norte. In addition, we have a number of our other mine General Managers on the line who will be available to answers questions later.

This morning at our Annual General Meeting I discussed the strategic goals that define our efforts to create long-term value as measured by free cash flow per share. Our first goal is building partnerships of depth and trust with both external and internal stakeholders. You've heard us say that transparency is the currency of respect. We think that's an important starting point, and it's our goal to be as transparent as possible.

The second is to produce industry-leading margins. Through a continuous cycle of improvement and innovation, we will expand our margins, which in turn will support our ultimate objective of growing free cash flow per share.

The final goal is superior portfolio management. We will measure our production by quality, not quantity. We will apply rigorous capital allocation criteria and discipline to ensure that every dollar we invest generates the return we expect for our shareholders. We will continuously look for opportunities to upgrade the quality of our portfolio by discovering new reserves and resources through world-class exploration programs, developing our robust project pipeline, and by carefully assessing opportunities in the market.