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Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,577,478
Close 2018-04-23 C$ 16.58
Market Cap C$ 19,341,854,585
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Globe says Barrick promises no more asset sales

2018-04-24 08:53 ET - In the News

The Globe and Mail reports in its Tuesday edition that after years of mine sales resulting in steep production declines, Barrick Gold says it has no further need to sell assets to cut its debt. The Globe's Niall McGee writes that world's biggest gold producer made the announcement as it released first-quarter results that were better than expected Monday after the close. On an adjusted basis, the world's biggest gold producer earned 15 cents a share for the first three months of 2018 (all figures U.S.). Analysts were expecting 13 cents a share. On a net basis, Barrick reported a profit of $158-million or 14 cents a share. In 2014, after an ill-timed copper acquisition and massive cost overruns incurred by attempting to build a new mine in South America, Barrick was carrying a crushing debt load of around $13-billion. Since then, the company has focused on selling non-core assets and generating free cash flow, which has allowed it to significantly pare back its debt. As of the end of last year, Barrick's debt was $6.4-billion. To cut its debt to $5-billion by the end of this year, Barrick says it will use cash flow and cash on hand. Last year, Barrick's gold production fell 3.5 per cent to 5.3 million ounces.

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