AFRICAN BARRICK GOLD PLC: 1st Quarter Results

AFRICAN BARRICK GOLD 
18 April 2013 
Results for the 3 months ended 31 March 2013 (Unaudited) 
Based on IFRS and expressed in US Dollars (US$) 
African Barrick Gold plc ("ABG'') reports first quarter 2013 results 
"We have made a good start to 2013, and remain on track to achieve full year
guidance, as we continue to deliver on our mine plan while progressing the
Operational Review" said Greg Hawkins, Chief Executive Officer of African
Barrick Gold. "North Mara and Buzwagi both delivered strong performance with
the higher grade profile at North Mara and improved throughput at Buzwagi
driving production levels. As anticipated, Bulyanhulu experienced a slow start
to the year and we continue to expect improved performance as we move through
the year and corrective measures are implemented. During the quarter we ceased
mining operations at Tulawaka and are working with the Government to finalise
the closure plans." 
Quarterly Highlights 
 * Gold production1 of 146,105 ounces and gold sales of 148,232 ounces 
 * Cash costs2 of US$931 per ounce sold, with cash costs excluding Tulawaka of 
US$893 per ounce sold 
 * EBITDA2 of US$81.9 million; excluding Tulawaka this amounted to US$88.8 
million 
 * Net earnings of US$20.7 million; excluding Tulawaka this amounted to US$31.2 
million 
 * Operational cash flow of US$57.3 million, with a cash balance of US$402 
million 
 * Completion of US$142 million financing for the Bulyanhulu CIL expansion 
project 
 * Operational Review progressed with key initiatives identified and project 
plans 
formulated 
                                       Three months ended         Year 
ended   
                                            31 March             31 
December   
                                                                             
(Unaudited)                                    2013       2012 % change       
2012 
                                                                             
Attributable Gold Production (ounces)1      146,105    144,643       1%    
626,212 
                                                                             
Attributable Gold Sold (ounces)1            148,232    145,417       2%    
609,252 
                                                                             
Attributable Cash cost (US$/ounce)2             931        873       7%        
941 
                                                                             
Average realised gold price (US$/ounce)2      1,611      1,697      -5%      
1,668 
                                                                             
(in US$'000)                                                                     
                                                                                
Revenue                                     254,649    267,537      -5%  
1,087,339 
                                                                             
EBITDA2,3                                    81,943     97,369     -16%    
336,282 
                                                                             
Cash generated from operating activities     57,326     64,757     -11%    
268,734 
                                                                             
Net earnings                                 20,716     40,348     -49%     
62,780 
                                                                             
Earnings per share (EPS) (cents)                5.1        9.8     -49%       
15.3 
                                                                             
Operating cash flow per share (cents)2         14.0       15.3      -9%       
64.1 
                                                                             
In order to accurately reflect the underlying performance of our continuing
core operations following the cessation of mining at Tulawaka, presented below
are our key financial metrics excluding Tulawaka: 
                                          Three months ended       Year 
ended  
                                               31 March            31 
December 
                                                                             
(Unaudited)                                       2013      20124 % change   
20124 
                                                                             
Gold Production (ounces)                       142,759    133,469       7% 
595,184 
                                                                             
Cash cost from operating mines (US$/ounce)2        893        870       3%     
922 
                                                                             
EBITDA (US$'000)2,3                             88,816     85,812       4% 
326,804 
                                                                             
Net earnings (US$'000)                          31,229     37,602     -17% 
100,473 
                                                                             
1 Production and sold ounces reflect equity ounces which exclude 30% of
Tulawaka's production and sales base. 
2 Attributable cash cost, cash cost from operating mines, average realised gold
price, EBITDA and operating cash flow per share are non-IFRS financial
performance measures with no standard meaning under IFRS. Refer to "Non IFRS
measures"' on page 13 for definitions. 
3 Three months ended 31 March 2012 restated for the reclassification of bank
charges from corporate administration to finance expense. 
4 Restated for the impact of capitalised stripping due to the adoption of
IFRIC20. 
Operational Review 
The Operational Review which was initiated earlier this year and which is
focused on driving returns and cash flow generation is progressing in line with
our expectations and we remain on schedule to provide a fuller update with our
Interim results. The review is comprehensive and is focused onfive key areas:
Operating Costs, Capital Costs, Organisational Structure, Corporate Overheads
and Mine Planning; in order to realise clear benefits in our cost structure and
operating metrics. 
Operating Costs 
As the largest area of spend this has been the priority focus for the review
team. An initial review of our operating costs has been completed and we have
formulated project plans in order to address the six key areas where we believe
significant cost reductions are achievable: 
 * Maintenance 
 * Aviation, Camp Services, Travel, Vehicles and Administration 
 * Consumables 
 * Contractor and External Services 
 * Energy 
 * Security 
Capital Costs 
In February, we announced that we had reduced our expected sustaining capital
expenditure for 2013 by US$50 million and we remain on track to achieve this.
We believe there will be further opportunity to reduce this spend in future
years and this will be analysed in more detail in tandem with the mine planning
review in order to optimise both our sustaining capital and our capitalised
stripping expenditure. 
We have also reduced our budgeted spend on exploration for the year to US$22
million, which is a reduction of approximately 50% from 2012 as we refocus the
majority of our greenfield exploration efforts on the newly acquired land
package in Kenya. 
Organisational Structure 
The decision to bring Tulawaka to an early close removes higher cost ounces
from the portfolio and immediately improves our return profile, as the table
above for our ongoing operations illustrates. Once we have commenced
implementation ofthe closure plan for the mine we will be able to reduce the
level of resource in certain support functions. 
In parallel with the operating cost review a zero based review of the entire
organisation is in the process of being completed and will ensure that we have
the appropriate mix of employees and contractors and appropriate staffing
levels. 
Corporate Overheads 
We have reduced our budgeted corporate overhead spend by approximately 15% from
2012 levels prior to any impact from the Operational Review, and are already
seeing the results of this action. With the ongoingreview of our corporate
structure we believe there is further opportunity to reduce our corporate
overheads and more efficiently support our operations. 
Mine Planning 
On a mine site level, we are continuing the review process to validate and
optimise the life of mine plans at each of our assets in order to prioritise
driving returns and cash flow and reduce future capital requirements. Further
to this we will look to improve both productivity and efficiency at each of the
assets through improved organisational structure and training. 
For further information, please visit our website: www.africanbarrickgold.com
or contact: 
                                                  
African Barrick Gold plc                                 +44 (0)207 129 7150     

Greg Hawkins, Chief Executive Officer                                          
Andrew Wray, Head of Corporate Development & Investor Relations                
Giles Blackham, Investor Relations Manager                                      
                                                                            
                                                        
RLM Finsbury                                             +44 (0)20 7251 3801   
Faeth Birch                                                                    
Charles Chichester                                                              
                                                                            
About ABG  
ABG is Tanzania's largest gold producer and one of the five largest gold
producers in Africa. We have four mines, all located in Northwest Tanzania, and
several exploration projects at various stages of development in Tanzania and
Kenya. We have a high-quality asset base, solid growth opportunities and a
clear strategy of: 
 * driving operating efficiencies to optimise production from our existing 
asset 
base; 
 * growing through near mine expansion and development of advanced-stage 
projects; 
and 
 * organic greenfield growth and acquisitions in Africa. 
Maintaining our licence to operate through acting responsibly in relation to
our people, the environment and the communities in which we operate is central
to achieving our objectives. 
ABG is a UK public company with its headquarters in London. We are listed on
the Main Market of the London Stock Exchange under the symbol ABG and have a
secondary listing on the Dar es Salaam Stock Exchange. Historically and prior
to our initial public offering (IPO), our operations comprised the Tanzanian
gold mining business of Barrick Gold Corporation, our majority shareholder. ABG
reports in US dollars in accordance with IFRS as adopted by the European Union,
unless otherwise stated in this report. 
Conference call  
A conference call will be held for analysts and investors on 18 April 2013 at
12:30 London time with the dial-in details as follows: 
Participant dial in: +44 (0) 203 003 2666 / +1 866 966 5335 
                                                       
Password:             ABG                                   
                                                        
There will be a replay facility available until 25 April 2013. Access details
are as follows: 
Replay number: +44 (0) 208 196 1998 
                               
Replay PIN:    2176234#             


                                   

FORWARD- LOOKING STATEMENTS

This report includes "forward-looking statements" that express or imply
expectations of future events or results. Forward-looking statements are
statements that are not historical facts. These statements include, without
limitation, financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with
respect to future production, operations, costs, products and services, and
statements regarding future performance. Forward-looking statements are
generally identified by the words "plans," "expects," "anticipates,"
"believes," "intends," "estimates" and other similar expressions.

All forward-looking statements involve a number of risks, uncertainties and
other factors, many of which are beyond the control of ABG, which could cause
actual results and developments to differ materially from those expressed in,
or implied by, the forward-looking statements contained in this report. Factors
that could cause or contribute to differences between the actual results,
performance and achievements of ABG include, but are not limited to, changes or
developments in political, economic or business conditions or national or local
legislation in countries in which ABG conducts or may in the future conduct
business, industry trends, competition, fluctuations in the spot and forward
price of gold or certain other commodity prices, changes in regulation,
currency fluctuations (including the US dollar, South African rand, Kenyan
shilling and Tanzanian shilling exchange rates), ABG's ability to successfully
integrate acquisitions, ABG's ability to recover its reserves or develop new
reserves, including its ability to convert its resources into reserves and its
mineral potential into resources or reserves, and to process its mineral
reserves successfully and in a timely manner, risk of trespass, theft and
vandalism, changes in its business strategy, as well as risks and hazards
associated with the business of mineral exploration, development, mining and
production. Although ABG's management believes that the expectations reflected
in such forward-looking statements are reasonable, ABG cannot give assurances
that such statements will prove to be correct. Accordingly, investors should
not place reliance on forward looking statements contained in this report. Any
forward-looking statements in this report only reflect information available at
the time of preparation. Subject to the requirements of the Disclosure and
Transparency Rules and the Listing Rules or applicable law, ABG explicitly
disclaims any obligation or undertaking publicly to update or revise any
forward-looking statements in this report, whether as a result of new
information, future events or otherwise. Nothing in this report should be
construed as a profit forecast or estimate and no statement made should be
interpreted to mean that ABG's profits or earnings per share for any future
period will necessarily match or exceed the historical published profits or
earnings per share of ABG.

Operating Results
                                             Three months                
                                                 ended        Year ended 
                                               31 March       31 December


                                                                     
(Unaudited)                                    2013     2012         2012 
                                                                     
Tonnes mined (thousands of tonnes)           14,001    9,839       48,301 
                                                                     
Ore tonnes mined (thousands of tonnes)        1,675    1,747        7,070 
                                                                     
Ore tonnes processed (thousands of tonnes)    1,945    1,902        7,698 
                                                                     
Process recovery rate (percent)               89.0%    86.0%        88.3% 
                                                                     
Head grade (grams per tonne)                    2.6      2.8          2.9 
                                                                     
Attributable gold production (ounces)¹      146,105  144,643      626,212 
                                                                     
Attributable gold sold (ounces)¹            148,232  145,417      609,252 
                                                                     
Copper production (thousands of pounds)       2,462    3,005       12,875 
                                                                     
Copper sold (thousands of pounds)             3,357    2,516       11,523 
                                                                     
Cash cost per tonne milled²                      71       67           75 
                                                                     
Per ounce data (US$)                                                      


                                                                         
     Average spot gold price³                 1,631    1,691        1,669
                                                                         
     Average realised gold price²             1,611    1,697        1,668
                                                                         
     Total cash cost²                           931      873          941
                                                                         
     Amortisation and other costs²              318      226          251
                                                                         
     Total production costs²                  1,249    1,099        1,192
                                                                         
     Cash Margin²                               680      824          727


                                                                     
Average realised copper price (US$/pound)      3.39     4.15         3.57 


                                                                         

Financial results
                                                                   Year   
                                                                   ended  
                                            Three months ended      31    
                                                 31 March        December 


                                                                      
(Unaudited)                                                                
                                                                      
(in US$'000)                                     2013      2012       2012 


                                                                          
                                                                          


                                                                      
Revenue                                       254,649   267,537  1,087,339 
                                                                      
Cost of sales                               (204,675) (178,522)  (797,859) 
                                                                      
Gross profit                                   49,974    89,015    289,480 
                                                                      
Corporate administration5                     (5,887)  (14,890)   (51,567) 
                                                                      
Exploration and evaluation costs              (4,398)   (6,515)   (28,961) 
                                                                      
Corporate social responsibility expenditure   (3,446)   (3,409)   (14,445) 
                                                                      
Impairment expense                                  -         -   (44,536) 
                                                                      
Other charges                                 (3,813)   (1,645)   (17,671) 
                                                                      
Profit before net finance cost                 32,430    62,556    132,300 
                                                                      
Finance income                                    596       266      2,102 
                                                                      
Finance expense5                              (2,557)   (2,576)   (10,305) 
                                                                      
Profit before taxation                         30,469    60,246    124,097 
                                                                      
Taxation expense                             (14,259)  (18,721)   (72,604) 
                                                                      
Net profit                                     16,210    41,525     51,493 
                                                                      
Attributed to:                                                             
                                                                      
- Non-controlling interests                   (4,506)     1,177   (11,287) 
                                                                      
- Owners of the parent (net earnings)          20,716    40,348     62,780 
                                                                       
Other Financial information 
                                            Three months ended             
Year ended    
                                                 31 March                 
31 December    
                                                                             
        
(Unaudited)                                   2013                    2012       


        2012
                                                                                


        
(in US$'000 except per ounce and per                                             
        
share figures)                                                                   


            
                                                                                


        
Cash and cash equivalents                  401,520                 581,009       


     401,348
                                                                                


        
Cash generated from operating activities    57,326                  64,757       


     268,734
                                                                                


        
Capital Expenditure6                       100,840                  63,302       


     351,127
                                                                                


        
Operating cash flow per share (cents)2        14.0                    16.0       


        65.5
                                                                                


        
Long Term debt (Borrowings)                 50,000                     -         


           -
                                                                                


        
Equity                                   2,793,754               2,839,145       
2,778,292 
                                                                             
         
1 Production and sold ounces reflect equity ounces which exclude 30% of
Tulawaka's production and sales base. 
2 Average realised gold price, total cash cost per ounce, amortisation and
other cost per ounce, total production cost per ounce, cash margin, cash cost
per tonne milled and operating cash flow per share are non-IFRS financial
performance measures with no standard meaning under IFRS. Refer to "Non IFRS
measures"' on page 12 for definitions. 
3 Reflect the London PM fix price. 
4 Restated for the impact of capitalised stripping due to the adoption of
IFRIC20. 
5 Three months ended 31 March 2013 restated for the reclassification of bank
charges from corporate administration to finance expense. 
6 Includes non-cash reclamation asset adjustments and finance lease purchases
in 2012.  
Operating and financial review for the three months ended 31 March 2013 
We saw strong performance at both North Mara and Buzwagi during the quarter,
which offset the temporary operational issues experienced at Bulyanhulu and the
impact of the cessation of mining activities at Tulawaka. 
At Buzwagi, all key operating metrics have shown good year-on-year improvement
and have sustained the performance levels achieved in the previous quarter. As
expected head grade was 13% lower than the prior year as we focused on waste
stripping, but increased recovery rates and improved mill throughput rates
drove production of 40,020 ounces, a 10% increase from the same period last
year.     
At North Mara, mining from the higher grade zones in Gokona continued during
the quarter resulting in an increased head grade of 3.6 grams per tonne (g/t),
71% higher than last year. Mill recovery rates increased by 10% to 87.3%,
predominantly as a result of the gold plant upgrade completed in 2012, further
aided by the higher grade mill feed. As a result, production for the quarter
amounted to 64,704 ounces, an increase of 83% from the same period in 2012.    
Gold production at Bulyanhulu of 38,036 ounces was 38% lower than in Q1 2012,
primarily due to lower mined grade as a result of paste fill delays and the
impact of the reduced workforce. During the quarter hoisting capacity was
reduced for a short period by the failure of the primary winder transformer
which has now been replaced. 
At Tulawaka production for the quarter amounted to 3,346 ounces, 70% lower than
in 2012 as underground operations came to an end resulting in lower tonnes
milled. 
Total tonnes mined amounted to 14.0 million tonnes, an increase of 42% from 9.8
million in 2012, mainly driven by increased mining rates at Buzwagi. Ore tonnes
mined of 1.7 million tonnes were 4% lower than in 2012 as a result of lower ore
tonnes mined at Buzwagi and Bulyanhulu which were partially offset by an
increase in tonnes mined at North Mara. Ore tonnes processed amounted to 1.9
million tonnes, an improvement of 2% from 2012. Increased throughput at Buzwagi
due to stable power supply and process plant improvements was partially offset
by lower throughput at Bulyanhulu. 
Head grade for the quarter of 2.6 g/t was 7% lower than 2.8 g/t in 2012. This
was due to mining at lower grades and the processing of lower grade stockpiles
due to the waste stripping programme at Buzwagi and lower availability of
higher grade stopes at Bulyanhulu. This was partially offset by higher grade
from North Mara. 
Our total cash costs for the quarter were 7% higher than 2012, and amounted to
US$931 per ounce sold. The increase was primarily due to the impact of lower
production at Tulawaka as mining operations ceased (US$38/oz), increased
contracted services mainly driven by contracted maintenance at Buzwagi and
North Mara due to the increase in mining activity and inventory and sales
related costs. This was partially offset by increased capitalised mining
expenditure at Buzwagi due to increased waste mining, and increased co-product
revenue due to increased production, also at Buzwagi. 
Cash costs of US$71 per tonne milled for the quarter have increased by 6% on
2012 (US$67 per tonne), primarily as a result of the above factors. 
Gold sales amounted to 148,232 ounces, and were 2% higher than production, as
concentrate on hand at Buzwagi at the beginning of the year was shipped during
the quarter.  Approximately 10,000 ounces remain on hand for sale in Q2 2013 as
a result of the timing of production at Bulyanhulu and North Mara. 
Our copper production for the quarter of 2.5 million pounds represents an 18%
decrease on Q1 2012 (3.0 million pounds), as increased production at Buzwagi
was offset by lower production at Bulyanhulu. 
Revenue of US$254.6 million was 5% lower than Q1 2012 as increased sales
volumes were offset by a 5% decrease in realised price of US$1,611 per ounce
sold, compared to US$1,697 per ounce sold in the prior year. 
EBITDA of US$81.9 million was 16% lower than in Q1 2012, mainly driven by lower
revenue and an increased direct cost base, offset by lower corporate
administration and exploration and evaluation costs. Corporate administration
costs were down US$9.0 million on the prior year period, aided by a US$3.8
million credit due to the downward revaluation of long term incentives given
the share price performance during the quarter. 
Excluding Tulawaka, performance from the ongoing operating mines led to
production of 142,759 ounces, total cash costs of US$893 per ounce, EBITDA of
US$88.8 million and Net Earnings of US$31.2 million. 
Cash generated from operating activities amounted to US$57.3 million which was
US$24.6 million below EBITDA. This was mainly due to an increase in indirect
tax receivables of US$21.5 million due to the change of VAT relief
administration measures for mining companies by the Tanzanian Government during
Q3 2012 which impacts on the timing of receivables. Our cash balance at the end
of the quarter was flat at US$402 million. 
Capital expenditure for the quarter amounted to US$100.8 million compared to
US$63.3 million in Q1 2012. Key capital expenditure included the CIL expansion
project at Bulyanhulu (US$21.5 million), capitalised stripping at Buzwagi and
North Mara (US$30.5 million), capitalised underground development at Bulyanhulu
(US$12.3 million) and investments in the mining fleet at Buzwagi and North Mara
(US$16.6 million). 
Bulyanhulu 
Key statistics 
                                           Three months ended     Year 
ended   
                                                31 March          31 
December  
                                                                             
(Unaudited)                                         2013       2012           
2012 
                                                                             
Underground ore tonnes hoisted     Kt                172        250            
959 
                                                                             
Ore milled                         Kt                171        246          
1,012 
                                                                             
Head grade                         g/t               7.6        8.6            
8.0 
                                                                             
Mill recovery                      %               91.3%      91.2%          
90.6% 
                                                                             
Ounces produced                    oz             38,036     61,836        
236,183 
                                                                             
Ounces sold                        oz             33,416     62,216        
235,410 
                                                                             
Cash cost per ounce sold           US$/oz          1,192        701            
803 
                                                                             
Cash cost per tonne milled         US$/t             232        177            
187 
                                                                             
Copper production                  Klbs              856      1,631          
6,102 
                                                                             
Copper sold                        Klbs              868      1,445          
5,895 
                                                                             
Capital expenditure                US$('000)      40,251     18,815        
117,569 
                                                                             
Operating performance 
Bulyanhulu produced 38,036 ounces during the quarter, 39% lower than the prior
year's total as a result of decreased head grade due to lower availability of
high grade stopes, lower tonnes mined due to the impact of a reduced workforce
and reduced throughput as a result of hoisting capacity being impacted by the
failure of the production winder transformer. 
As previously reported, potential changes to Tanzanian pension legislation led
to the resignation of a significant number of long serving underground mining
and maintenance personnel, over the end of 2012 and early 2013. We have made
good progress in replacing these employees through both internal and external
recruitment and anticipate being back to a full complement of staff during the
current quarter.   
During the first quarter we continued to add paste fill capacity by drilling
further holes from surface in order to improve access to high grade stopes. As
we increase throughput through the mill over the current quarter we expect to
see greater availability of paste fill underground to alleviate this issue. 
Head grade of 7.6 g/t was lower than the prior year (8.6 g/t) as a result of
paste fill delays limiting access to primary long hole stopes leading to more
tonnes being mined from lower grade stopes. The impact of the lower mined grade
on recovery was offset by improvements in the gravity circuit which resulted in
an increased overall recovery rate of 91.3%, slightly higher than Q1 2012. 
Gold ounces sold for the quarter were 33,416 ounces, with approximately 4,600
ounces held over for sale in Q2 as a result of the timing of production in the
quarter. 
Copper production for the quarter of 0.9 million pounds was 48% lower than that
of the same period in 2012. This was primarily due to a decrease in mill
throughput. 
Due to the lower sales and resultant lower co-product revenue, cash costs per
ounce sold for the quarter of US$1,192 were 70% higher than the prior year of
US$701; however gross cash costs were 9% down on the prior year due lower
consumable and energy costs as a result of the lower mining and processing
rates and lower staff numbers. 
Cash costs per tonne milled increased to US$232 in 2013 (US$177 in 2012) as a
result of lower mill throughput. 
Capital expenditure for the quarter of US$40.3 million was 114% higher than the
prior year period of US$18.8 million mainly driven by the CIL expansion project
(US$21.5 million). Capitalised underground development was US$12.3 million. 
Buzwagi 
Key statistics 
                                          Three months ended      Year 
ended   
                                               31 March          31 
December   
                                                                             
(Unaudited)                                        2013      2012#           
2012# 
                                                                             
Tonnes mined                     Kt               8,830      4,903          
28,563 
                                                                             
Ore tonnes mined                 Kt                 701        919           
4,233 
                                                                             
Ore milled                       Kt               1,093        928           
3,715 
                                                                             
Head grade                       g/t                1.3        1.5             
1.6 
                                                                             
Mill recovery                    %                89.3%      82.4%           
87.3% 
                                                                             
Ounces produced                  oz              40,020     36,272         
165,770 
                                                                             
Ounces sold                      oz              51,811     33,321         
155,322 
                                                                             
Cash cost per ounce sold         US$/oz             802      1,067           
1,066 
                                                                             
Cash cost per tonne milled       US$/t               38         38              
45 
                                                                             
Copper production                Klbs             1,606      1,374           
6,773 
                                                                             
Copper sold                      Klbs             2,489      1,071           
5,628 
                                                                             
Capital expenditure*             US$('000)       39,018     15,538         
106,452 
                                                                             
# Q1 2012 and FY 2012 results are restated for the impact of capitalised
stripping due to the adoption of IFRIC20 
*Includes non-cash reclamation asset adjustments 
Operating performance 
We have seen a continued improvement in operating performance at Buzwagi with
both mining and processing rates significantly increasing over the prior year
period. As expected, head grade was 13% lower than the prior year as we blended
ore mined with lower grade stockpiles, but increased recovery rates and
improved mill throughput rates drove production of 40,020 ounces, a 10%
increase from the same period last year. Gold ounces sold exceeded production
by 29% due to the sale of concentrate shipments on hand from Q4 2012. 
Improved availability and utilisation of the mobile fleet during the quarter,
combined with a focus on waste removal, resulted in an 80% increase in tonnes
mined over the prior year period. As a result of the increased focus on waste
stripping activities, ore tonnes mined of 701,000 tonnes were 24% lower than in
2012. 
Mill throughput was at nameplate capacity, an increase of 18% compared to Q1
2012, driven by improved plant availability and efficiencies. As planned, the
mill operated solely on self generated power in order to mitigate the
instability of grid power. 
Head grade for the quarter amounted to 1.3 g/t, a decrease of 13% from the same
period in Q1 2012. This was a result of an increase in processing of lower
grade stockpiles due to the increased waste stripping activities. 
Copper production for the quarter of 1.6 million pounds was 17% above the prior
year's production. This was primarily due to the increased throughput. Copper
sold for the quarter amounted to 2.5 million pounds, and exceeded production by
55% due to the sale of copper concentrate on hand at the end of Q4 2012.  
Cash costs for the quarter were US$802 per ounce sold compared to US$1,067 in
Q1 2012. Cash costs have been positively affected by increased sales and the
resultant increase in co-product revenue, increased capitalised mining due to
the waste stripping undertaken during the quarter and a decrease in
administration costs. This was partially offset by increased energy costs due
to increased self generation and mining activity and increased contracted
services costs driven by maintenance and repair contracts ("MARC") as a result
of increased mining and milling activities and increased sales related costs. 
Cash costs per tonne milled of US$38 remained in line with Q1 2012 as increased
throughput was offset by an increase in the direct mining costs.  
Capital expenditure for the quarter of US$39.0 million was 151% higher than the
prior year of US$15.5 million primarily due to capitalised deferred stripping.
Key capital expenditure includes capitalised stripping (US$23.9 million), mine
fleet investment which rolled over from 2012 (US$10.0 million) and investments
in the detoxification plant completed during the quarter (US$5.1 million). 
North Mara 
Key statistics 
                                          Three months ended      Year 
ended   
                                               31 March          31 
December   
                                                                             
(Unaudited)                                        2013      2012#           
2012# 
                                                                             
Tonnes mined                     Kt               4,975      4,391          
18,391 
                                                                             
Ore tonnes mined                 Kt                 777        505           
1,711 
                                                                             
Ore milled                       Kt                 646        660           
2,786 
                                                                             
Head grade                       g/t                3.6        2.1             
2.5 
                                                                             
Mill recovery                    %                87.3%      79.1%           
85.4% 
                                                                             
Ounces produced                  oz              64,704     35,361         
193,231 
                                                                             
Ounces sold                      oz              59,050     38,050         
186,600 
                                                                             
Cash cost per ounce sold         US$/oz             804        973             
953 
                                                                             
Cash cost per tonne milled       US$/t               73         56              
64 
                                                                             
Capital expenditure*             US$('000)       20,045     20,595          
93,529 
                                                                             
# Q1 2012 and FY 2012 results are restated for the impact of capitalised
stripping due to the adoption of IFRIC20 
*Includes non-cash reclamation asset adjustments and excludes land purchases 
Operating performance 
North Mara delivered strong gold production for the quarter of 64,704 ounces,
an increase of 83% on Q1 2012 as a result of improved grade and recoveries.
Gold ounces sold amounted to 59,050 ounces for the quarter, an increase of 55%
from 2012, with approximately 5,600 ounces held over for sale in Q2 due to the
timing of production in the quarter. 
Head grade of 3.6 g/t improved by 71% from 2012, driven by an increased mine
grade and a reduction in mill feed from the lower grade stockpiles. Recoveries
of 87.3% increased by 10% from the prior year period as a result of the
positive impact from the gold plant recovery project completed in 2012 and the
increased grade profile. For the remainder of the year head grade is expected
to be broadly in line with 2012 levels as the lower levels of ore mined will be
supplemented with lower grade stockpiles. 
Total tonnes mined for the quarter amounted to 5.0 million tonnes, 13% higher
than the same quarter in 2012. Ore tonnes mined of 777,000 tonnes were 54%
higher than Q1 2012 as the waste stripping programme undertaken in 2012 opened
higher grade ore areas in the Gokona pit for mining in early 2013.  
Cash costs for the quarter were US$804 per ounce sold compared to US$973 in the
prior year period. The decrease in cash costs were driven by the increased
sales base, which was partially offset by increased maintenance costs and
consumables usage due to the increased activity, and increased sales related
costs. Cash cost per tonne milled increased to US$73 in 2013 from US$56 in Q1
2012, as a result of the increased costs above and the decrease in throughput. 
Capital expenditure for the quarter of US$20.0 million was in line with the
prior year of US$20.6 million. Key capital expenditure included capitalised
stripping (US$6.6 million), mine equipment (US$6.6 million) and other
sustaining capital (US$5.5 million). 
Land acquisition at North Mara remains a key issue and continues to be a
priority focus for management. Operations in the Nyabirama pit remain suspended
due to delays in relocating villagers close to the pit. We are continuing our
discussions with local and central government in order to find a solution and a
Government led task force has been on site over the quarter assessing the
situation. 
We continue to progress the lifting of the Environmental Protection Order
("EPO") at North Mara in order to be able to discharge water. 
Tulawaka 
Key statistics 
                                            Three months ended     Year 
ended   
                                                 31 March          31 
December  
                                                                             
(Unaudited)                                         2013        2012           
2012 
                                                                             
Underground ore tonnes hoisted      Kt                24          30            
124 
                                                                             
Open pit ore tonnes mined           Kt                 -          43            
 43 
                                                                             
Open pit waste tonnes mined         Kt                 -         222            
222 
                                                                             
Ore milled                          Kt                34          67            
185 
                                                                             
Head grade                          g/t              3.2         5.4            
5.5 
                                                                             
Mill recovery                       %              94.3%       95.4%          
95.5% 
                                                                             
Ounces produced                     oz             3,346      11,174         
31,028 
                                                                             
Ounces sold                         oz             3,955      11,830         
31,920 
                                                                             
Cash cost/ounces sold               US$/oz         2,328         902          
1,269 
                                                                             
Cash cost per tonne milled          US$/t            267         158            
219 
                                                                             
Capital expenditure (100%)          US$('000)        523       5,122         
24,588 
                                                                             

Operating performance 
As announced as part of our 2012 preliminary results, we have made the decision
to bring Tulawaka to a close and as a result mining operations ceased during
the quarter. We have now commenced with closing activities and the stripping of
equipment from the underground mine. Mill throughput will cease in the coming
months as we work through the remaining inventory in solution and process any
incidental material due to the closing of the mine. 
As a result of the cessation of mining operations during the quarter the mine's
attributable gold production for Q1 2013 was 3,346 ounces, down from 11,174
ounces in Q1 2012. The decrease was due to a 49% decrease in throughput and a
reduction in head grade as a result of the clean-up of the underground stopes.
Recovery decreased mainly as a result of the lower grade. Gold ounces sold were
broadly in line with production. 
We have submitted the Mine Closure Plan to the relevant Government departments
and discussions regarding the ultimate use of mine infrastructure are expected
to continue into the second half of the year. 
Due to the reduction in production and a predominantly fixed cost base, cash
costs for the quarter were US$2,328 per ounce sold compared to US$902 in the
prior year. 
Cash costs per tonne milled increased to US$267 in 2013 from US$158 in 2012,
primarily as a result of a lower mill throughput. 
Capital expenditure for the quarter of US$0.5 million was 94% lower than the
prior year of US$5.1 million due to the cessation of mining operations. Capital
expenditure incurred related to mine site support equipment to be used during
closure. 
Exploration and Development Update 
Tanzania 
Bulyanhulu CIL Expansion 
Construction of the CIL Expansion progressed well during the quarter and
remains on budget and on track for first production in Q1 2014. The
construction of camp facilities and early site works are close to completion
with key equipment including four of the leach tanks arriving on site and now
are awaiting construction. 
During the quarter we completed the financing of the project through an export
credit facility for US$142 million, of which US$50 million was drawn down in
January. Project execution spend to date is approximately US$50 million which
is in line with expectations 
Bulyanhulu Upper East 
The combined feasibility study incorporating both Reef-1 and Reef-2 into the
Upper East Project has been completed subject to a peer review process. The
peer review and any follow up analysis will be undertaken during the second
quarter, after which it is expected that the project will be submitted to the
Board for approval. The project remains on target for first production in early
2015. 
Nyanzaga 
The pre-feasibility study at Nyanzaga is close to completion, with technical
work on the project now complete. The project will now go through a peer review
process before being submitted to the Board. Given the scale of the project at
over 4.5 million ounces of resource, it represents a potentially large capital
investment and we will continue to assess the project with strict capital
discipline that we apply to the rest of the business as well as assessing
alternative methods of finance should we progress the project. 
Dett-Ochuna Project  
Dett-Ochuna is a large gold system hosted in granitic and sedimentary rocks
located approximately 45 kilometres west of North Mara. Historic drilling
programmes intersected very wide zones of low grade (0.6-0.9g/t Au)
mineralisation extending from surface to depths greater than 300 metres and
current drilling is targeting higher grades zones within this mineralised
system. The current phase of reverse circulation and diamond drilling was
completed during Q1 2013 with encouraging results received from two discrete
higher grade (>1.5g/t Au) zones that are likely to justify further drilling on
the project. A total of 5 diamond core holes for 1,384 metres were completed
during the reporting period bringing the total to 24 reverse circulation and
diamond core holes for 6,657 metres for this phase of the programme.  
Selected significant results for the quarter included: 
DTD0009 - 62m @ 1.15g/t Au from 66m, including 29m @ 1.85g/t Au from 79m 
DTD0011 - 68m @ 1.33g/t Au from 88m,  including 26m @ 2.08g/t Au from 124m 
DTD0014 - 95m @ 1.08g/t Au from 67m,  including 41m @ 1.52g/t Au from 68m 
DTD0017 - 85m @ 1.44g/t Au from 140m,  including 56m @ 1.67g/t Au from 144m 
DTD0018 - 73m @ 1.84g/t Au from 181m,  including 43m @ 2.46g/t Au from 198m 
DTD0019 - 111m @ 1.16g/t Au from 72m,  including 36m @ 1.51g/t Au from 94m 
DTD0020 - 134m @ 1.00g/t Au from 111m,  including 26m @ 2.21g/t Au from 159m 
Figure - Dett-Ochuna drill hole location plan with selected significant assays
and approximate trend of gold zones 
[See www.africanbarrickgold.com for picture] 
During Q1 2013, two holes (DTDDM0021 and DTDDM0023) were drilled to infill
several broader spaced holes in order to show continuity of the higher grade
zones and to complete preliminary metallurgical and communition test-work.
Results for the metallurgical test work are anticipated during Q2 2013, and
these results, combined with an assessment of the resource potential, will
determine future exploration programmes. 
Kenya 
West Kenya JV Project 
Exploration programmes in Kenya during Q1 2013 focused on target generation,
mapping and rock chip sampling across selected regional prospects in order to
validate targets and design follow up programmes. At the same time, planning is
well underway for regional soil sampling programmes and an extensive programme
of reconnaissance RAB/Aircore drilling that will test existing soil anomalies
throughout the Kakamega Dome and Lake Zone gold camps. Regional drilling and
soil sampling programmes are expected to commence during the second quarter,
following the completion of Presidential elections during the first quarter.
Additionally, we expect to complete a programme of diamond core drilling across
the Ramula, Rosterman and Bushiangala prospects targeting sufficient gold
mineralisation to move each target up our Exploration and Development pipeline. 
Non IFRS Measures 
ABG has identified certain measures in this report that are not measures
defined under IFRS. Non-IFRS financial measures disclosed by management are
provided as additional information to investors in order to provide them with
an alternative method for assessing ABG's financial condition and operating
results. These measures are not in accordance with, or a substitute for, IFRS,
and may be different from or inconsistent with non-IFRS financial measures used
by other companies. These measures are explained further below. 
Average realised gold price per ounce sold is a non-IFRS financial measure
which excludes from gold revenue: 
Unrealised gains and losses on non-hedge derivative contracts; 
Unrealised mark-to-market gains and losses on provisional pricing from copper
and gold sales contracts; and 
Export duties. 
Cash cost per ounce sold is a non-IFRS financial measure. Cash costs include
all costs absorbed into inventory, as well as royalties, by-product credits,
and production taxes, and exclude capitalised production stripping costs,
inventory purchase accounting adjustments, unrealised gains/losses from
non-hedge currency and commodity contracts, depreciation and amortisation and
corporate social responsibility charges. Cash cost is calculated net of
co-product revenue. 
The presentation of these statistics in this manner allows ABG to monitor and
manage those factors that impact production costs on a monthly basis. ABG
calculates cash costs based on its equity interest in production from its
mines. Cash cost per ounce sold are calculated by dividing the aggregate of
these costs by gold ounces sold. Cash costs and cash cost per ounce sold are
calculated on a consistent basis for the periods presented. 
Cash cost from operating mines is a non-IFRS financial measure. It is
calculated by excluding the impact of Tulawaka from cash cost per ounce sold. 
EBITDA is a non-IFRS financial measure. ABG calculates EBITDA as net profit or
loss for the period excluding: 
Income tax expense; 
Finance expense; 
Finance income; 
Depreciation and amortisation; and 
Impairment charges of goodwill and other long-lived assets.           
EBITDA is intended to provide additional information to investors and analysts.
It does not have any standardised meaning prescribed by IFRS and should not be
considered in isolation or as a substitute for measures of performance prepared
in accordance with IFRS. EBITDA excludes the impact of cash costs of financing
activities and taxes, and the effects of changes in operating working capital
balances, and therefore is not necessarily indicative of operating profit or
cash flow from operations as determined under IFRS. Other companies may
calculate EBITDA differently. Prior year EBITDA was restated by US$1.4 million
to reflect the reclassification of bank charges from corporate administration
charges to finance expense. 
EBIT is a non-IFRS financial measure and reflects EBITDA adjusted for
depreciation and amortisation and goodwill impairment charges. 
Amortisation and other cost per ounce sold is a non-IFRS financial measure.
Amortisation and other costs include amortisation and depreciation expenses and
the inventory purchase accounting adjustments at ABG's producing mines. ABG
calculates amortisation and other costs based on its equity interest in
production from its mines. Amortisation and other costs per ounce sold is
calculated by dividing the aggregate of these costs by ounces of gold sold.
Amortisation and other cost per ounce sold are calculated on a consistent basis
for the periods presented. 
Cash cost per tonne milled is a non-IFRS financial measure. Cash costs include
all costs absorbed into inventory, as well as royalties, by-product credits,
and production taxes, and exclude capitalised production stripping costs,
inventory purchase accounting adjustments, unrealised gains/losses from
non-hedge currency and commodity contracts, depreciation and amortisation and
corporate social responsibility charges. Cash cost is calculated net of
co-product revenue. ABG calculates cash costs based on its equity interest in
production from its mines. Cash cost per tonne milled are calculated by
dividing the aggregate of these costs by total tonnes milled. 
Cash margin is a non-IFRS financial measure. The cash cost margin is the
average realised gold price per ounce less the cash cost per ounce sold. 
Operating cash flow per share is a non-IFRS financial measure and is calculated
by dividing Net cash generated by operating activities by the weighted average
number of Ordinary Shares in issue. 
Mining statistical information 
The following describes certain line items used in the ABG Group's discussion
of key performance indicators: 
Open pit material mined - measures in tonnes the total amount of open pit ore
and waste mined. 
Underground ore tonnes hoisted - measures in tonnes the total amount of
underground ore mined and hoisted. 
Total tonnes mined includes open pit material plus underground ore tonnes
hoisted. 
Strip ratio - measures the waste–to–ore ratio for open pit material mined. 
Ore milled - measures in tonnes the amount of ore material processed through
the mill. 
Head grade - measures the metal content of mined ore going into a mill for
processing. 
Milled recovery - measures the proportion of valuable metal physically
recovered in the processing of ore. It is generally stated as a percentage of
the metal recovered compared to the total metal originally present. 
Total production costs - measures the total cost of production and is an
aggregate of total cash costs as well as production specific depreciation and
amortisation. 
END 
-0- Apr/18/2013 06:00 GMT