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Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,577,478
Close 2018-04-25 C$ 17.32
Market Cap C$ 20,205,121,919
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Post says Barrick to end asset sales, focus on growth

2018-04-25 09:12 ET - In the News

The Financial Post reports in its Wednesday edition that after several years marked by operational difficulties and debt reduction, Barrick Gold on Tuesday told shareholders it received two credit upgrades and is returning its focus to growth. The Post's Gabriel Friedman writes that gold production hit 1.05 million ounces this quarter, down 20 per cent from last year and behind pace to meet its annual target of 4.5 million to five million ounces. Even if it meets that target, years of declining gold production from its peak of 8.6 million ounces in 2006 means that Barrick may lose its title as the world's largest gold producer. Still, with less than $100-million in debt due before 2020, Barrick executives said that the company is shifting to a growth strategy, focusing on Nevada and the Dominican Republic, and will no longer sell assets in order to reduce its billions of dollars in debt. Proceeds from any asset sales will be plowed into new projects or returned to shareholders. Barrick reported adjusted quarterly earnings of 15 cents per share, above analysts' estimates of 10 cents and the consensus of 14 cents. The company is focused on Nevada, where its Cortez and Goldstrike properties produced 2.3 million ounces last year.

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