. All amounts expressed in US dollars unless otherwise indicated.
Toronto, August 12, 2019 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported second quarter production of 1.353 million ounces of gold in line with the solid base (1.367 million ounces) set in Q1 and driven by strong performances at Loulo-Gounkoto in Mali and Veladero in Argentina.
President and chief executive officer Mark Bristow said at this halfway mark of the year, annual gold production is expected to be at the upper end of the 2019 guidance range with cost metrics at the lower end of the ranges. Nevada Gold Mines, the joint venture launched on July 1, should impact positively on Barrick’s production profile and is on track to deliver synergies of up to $500 million per year in the first five years.
Net earnings were $0.11 per share. Adjusted net earnings of $0.09 per share 1 were in line with market consensus and debt net of cash was unchanged at $3.7 billion after payment of the Q1 dividend. The $0.04 quarterly dividend per share was maintained for Q2. Following the end of the quarter, Barrick repurchased $248 million of outstanding debt due in 2020, saving annualized interest of approximately $12 million. Net cash provided by operating activities of $434 million remained strong.
Bristow said in the six months since the Barrick-Randgold merger was consummated, management had made enormous progress in building a business that would be a model of value creation for the mining industry.
2019 Q2 Highlights
• Nevada Gold Mines launched successfully: positively impacts group production outlook
• Adjusted net earnings of $0.09 1 in line with consensus
• Debt net of cash unchanged after Q1 dividend payment
• Quarterly dividend of $0.04 maintained
• PV plant expansion pre-feasibility study on track for year-end completion
• African operations post strong performance
• Offer made to acquire minority interests in Acacia
see & read more on