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barrick gold corp (ABX) Snapshot

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Shares Outstanding
1.2B
EX-Date
02/25/15
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barrick gold corp (ABX) Details

Barrick Gold Corporation produces and sells gold and copper. It is also involved in exploration and mine development activities. The company holds interests in various properties located in the United States, Zambia, Chile, Dominican Republic, Argentina, Tanzania, Canada, Saudi Arabia, Australia, Papua New Guinea, and Peru. As of December 31, 2013, the company had proven and probable mineral reserves of 104.1 million ounces of gold and 14.0 billion pounds of copper. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

Founded in 1983

barrick gold corp (ABX) Top Compensated Officers

Co-President
Total Annual Compensation: $1.1M
Compensation as of Fiscal Year 2013.

barrick gold corp (ABX) Key Developments

Barrick Gold Corporation Reports Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production and Financial Guidance for the Year 2015; Reports Impairment Charges for the Fourth Quarter of 2014

Barrick Gold Corporation reported earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported gold production of 1,527,000 ounces against 1,713,000 ounces a year ago. Copper production was 134 million pounds against 139 million pounds a year ago. For the year, the company reported gold production of 6,249,000 ounces against 7,166,000 ounces a year ago. Copper production was 436 million pounds against 539 million pounds a year ago. For the quarter, the company reported revenue of $2,510 million against $2,942 million a year ago. Net loss was $2,851 million against $2,830 million a year ago. Adjusted net earnings were $174 million against $406 million a year ago. Operating cash flow was $371 million against $1,016 million a year ago. Adjusted operating cash flow was $371 million against $1,085 million a year ago. Basic and diluted net loss per share was $2.45 against $2.61 a year ago. Adjusted net earnings basic was $0.15 against $0.37 a year ago. For the year, the company reported revenue of $10,239 million against $12,527 million a year ago. Net loss was $2,907 million against $10,366 million a year ago. Adjusted net earnings were $793 million against $2,569 million a year ago. Operating cash flow was $2,296 million against $4,239 million a year ago. Adjusted operating cash flow was $2,296 million against $4,359 million a year ago. Basic and diluted net loss per share was $2.50 against $10.14 a year ago. Adjusted net earnings basic was $0.68 against $2.51 a year ago. Loss before finance items and income taxes was $1,868 million against $8,819 million a year ago. Loss before income taxes was $2,653 million against $9,467 million a year ago. Loss from continuing operations was $2,959 million against $10,097 million a year ago. Loss on attributable to equity holders of the company was $2,907 million against $10,366 million a year ago. Net cash provided by operating activities was $2,296 million against $4,239 million a year ago. Capital expenditures were $2,432 million against $5,501 million a year ago. Production guidance for 2015 is 6.2-6.6 million ounces of gold at all-in sustaining costs of $860-$895 per ounce. The company expects to generate positive free cash flow this year at current gold prices. AISC guidance is $860-$895 per ounce. The company’s five cornerstone mines are forecast to contribute 60% of overall production at AISC of $725-$775 per ounce in 2015. Gold production guidance for 2015 is 6.2-6.6 million ounces, with higher contributions from Goldstrike, Lagunas Norte and Acacia more than offsetting lower production from Veladero and the sale of Kanowna, Plutonic and Marigold in 2014. Copper guidance of 310-340 million pounds at C1 cash costs of $1.75-$2.00 per pound primarily reflects the planned suspension of the Lumwana mine in Zambia, partially offset by higher expected production from Zaldivar. The company expects to generate positive free cash flow in 2015 at current gold prices. The company show a further drop in capex with this year's guidance. Fourth quarter net loss reflecting the impact of $2.8 billion in after-tax impairment charges, primarily related to the Lumwana mine ($930 million) and the Cerro Casale project ($778 million).

Barrick Gold Seeks Acquisitions

Barrick Gold Corporation (TSX:ABX) announced that investments in new projects will compete with share buybacks and acquisitions, along with its objective of paying a dividend to its owners.

Barrick Gold's Porgera And Cowal Operations Up For Sale

Barrick Gold Corporation (TSX:ABX) is putting its Porgera and Cowal operations up for sale and setting a major debt reduction target for 2015 as the company starts to implement a long-discussed strategy to become leaner and more decentralized. Selling the large Porgera mine in Papua New Guinea would provide an immediate boost to the balance sheet. However, that operation is plagued by social problems that could deter any bidder from paying a full price.

 

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