Mr. Kelvin Dushnisky reports
BARRICK ACHIEVES 2016 PRODUCTION GUIDANCE
Barrick Gold Corp. had preliminary full-year gold production of 5.52 million ounces for 2016, at the high end of the company's guidance of 5.25 million to 5.55 million ounces. The company produced 1.52 million ounces of gold in the fourth quarter. Cost of sales applicable to gold is expected to be at the low end of the company's guidance range of $800 to $850 per ounce for 2016. Full-year all-in sustaining costs (1) are expected to be at or slightly below the low end of the company's full-year guidance range of $740 to $775 per ounce of gold. All amounts are expressed in U.S. dollars.
Preliminary full-year copper production was 415 million pounds, also in line with production guidance of 380 million to 430 million pounds for 2016. Copper production in the fourth quarter was 101 million pounds. Full-year cost of sales applicable to copper is expected to be $1.35 to $1.55 per pound for 2016, with all-in sustaining costs (2) of $2 to $2.20 per pound.
"Our portfolio delivered progressively stronger performance over the course of 2016 as we focused on driving improvements in productivity and efficiency across our operations," said Barrick president Kelvin Dushnisky. "Through the acceleration of best-in-class initiatives, we are driving down costs, expanding margins and maximizing free cash flow across the portfolio. This will remain a focus in 2017 as we target step changes in performance."
PRELIMINARY FOURTH QUARTER AND FULL-YEAR PRODUCTION
Gold (millions of oz) Q4 2016 Q4 2015 Full year 2016 Full year 2015
Cortez 0.310 0.352 1.059 0.999
Goldstrike 0.291 0.312 1.096 1.053
Pueblo Viejo (60%) 0.189 0.134 0.700 0.572
Lagunas Norte 0.110 0.119 0.435 0.560
Veladero 0.177 0.159 0.544 0.602
Subtotal (core mines) 1.077 1.076 3.834 3.786
Porgera (47.5%) 0.061 0.066 0.234 0.436
Acacia (63.9%) 0.136 0.129 0.530 0.468
KCGM (50%) 0.096 0.083 0.376 0.320
Cowal - - - 0.156
Hemlo 0.074 0.074 0.235 0.219
Turquoise Ridge (75%) 0.065 0.061 0.266 0.217
Round Mountain (50%) - 0.049 0.004 0.192
Bald Mountain - 0.040 0.004 0.191
Golden Sunlight 0.007 0.009 0.034 0.068
Pierina - 0.030 - 0.054
Ruby Hill - 0.002 - 0.010
Total gold 1.516 1.619 5.517 6.117
Copper (millions of lb)
Zaldivar (50%) 30 51 114 218
Lumwana 62 81 271 287
Jabal Sayid (50%) 9 6 30 6
Total copper 101 138 415 511
Fourth quarter and full-year 2016 results
Barrick will report detailed fourth quarter and full-year results on Wednesday, Feb. 15, followed by a conference call and webcast on Feb. 16 at 9 a.m. Eastern Time.
Toll-free (United States and Canada):
1-800-319-4610
International: 1-416-915-3239
The webcast and presentation materials will be available on Barrick's website. The conference call will be available for replay by phone at 1-855-669-9658 (U.S. and Canada toll-free), and 1-604-674-8052 (international), access code 1014.
Operations and technical update
The company will also hold an operations and technical update on Wednesday, Feb. 22, via live webcast from 2 p.m. to 5 p.m. ET. Operational and technical leaders from across the business will provide detailed updates on core operations and projects. The webcast and presentation materials will be available on Barrick's website.
The company's 2016 year-end financial statements and MD&A (management's discussion and analysis) are expected to be issued on Feb. 15, 2017, and will contain the company's final all-in sustaining cost per ounce of gold for the year, as well as a reconciliation of this figure to the company's cost of sales.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.