Barrick Reports Fourth Quarter and Full Year 2013 Results
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TORONTO, February 13, 2014 — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today reported a fourth quarter net loss of $2.83 billion ($2.61 per share), including after-tax impairment charges of $2.82 billion. Adjusted net earnings were $0.41 billion ($0.37 per share). Operating cash flow was $1.02 billion and adjusted operating cash flow was $1.09 billion.
For the full year 2013, Barrick reported a net loss of $10.37 billion ($10.14 per share), including after-tax impairment charges of $11.54 billion. Adjusted net earnings were $2.57 billion ($2.51 per share). Operating cash flow of $4.24 billion and adjusted operating cash flow of $4.36 billion reflect the underlying strength of the company's high-quality mining operations.
"The disciplined capital allocation framework that we adopted in mid-2012 has been at the core of every decision we've made in the last year and half, and has put us in a much stronger position to deal with the challenging gold price environment our industry is facing today. Under a comprehensive plan to strengthen the company, we have become a leaner, more agile organization, better protected against further downside price risk and well positioned to take advantage of attractive investment opportunities going forward," said Jamie Sokalsky, Barrick's President and CEO. "We have increased our focus on free cash flow and risk-adjusted returns, and successfully executed on our key priorities, which include operational excellence, a stronger balance sheet and the ongoing optimization of our asset portfolio. This required decisive action, including the temporary suspension of Pascua-Lama, and an even greater focus on generating higher returns even if that means producing fewer ounces. These were the right decisions for our shareholders and for the company, and we are now seeing the tangible benefits of our efforts."
Read the full press release at Barrick.com
Conference Call and Webcast
Please join us at 9:30 a.m. Toronto time for the Fourth Quarter 2013 Results conference call and webcast
Barrick Gold Corporation
Brookfield Place
TD Canada Trust Tower
161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1 Canada
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : ABX.TO |
ISIN : CA0679011084 |
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Barrick Gold is a gold producing company based in Canada. Barrick Gold produces gold, copper and silver in Argentina, in Australia, in Canada, in Chile, in Papua New Guinea, in Peru, in Tanzania and in USA, develops copper, gold, palladium, platinum, rhodium, silver and zinc in Chile, in Dominican Republic, in Pakistan, in Papua New Guinea, in Peru, in Russia, in South Africa and in Tanzania, and holds various exploration projects in Australia, in Canada, in Papua New Guinea and in Tanzania. Its main assets in production are BALD MOUNTAIN, CORTEZ HILLS, GOLDEN SUNLIGHT MINE and ROUND MOUNTAIN in USA, HEMLO, WILLIAMS UNDERGROUND, DAVID BELL, WILLIAMS, GOLDSTRIKE UNDERGROUND and WILLIAMS OPEN PIT in Canada, GRANNY SMITH MINE, KANOWNA BELLE, KALGOORLIE "SUPER PIT" JV, TURQUOISE RIDGE (GETCHELL), PLUTONIC, OSBORNE, DARLOT, LAWLERS, GOLDSTRIKE OPEN PIT, KUNDANA, RUBY HILL, COWAL, GOLDEN FEATHER and PIPELINE MINING COMPLEX in Australia, ZALDIVAR in Chile, PIERINA and LAGUNAS NORTE in Peru, BULYANHULU, NORTH MARA and TULAKAWA MINE in Tanzania, VELADERO and MARIGOLD in Argentina and PORGERA and GOLDSTRIKE in Papua New Guinea, its main assets in development are DEE PROJECT and GOLD HILL in Peru, PUEBLO VIEJO in Dominican Republic, KAINANTU in Papua New Guinea, BUZWAGI in Tanzania, PASCUA LAMA in Chile, REKO DIQ in Pakistan, FEDOROVA and ROSSI in Russia and SEDIBELO in South Africa and its main exploration properties are PANDORA, HOMESTAKE MINE, MEIKLE GOLD MINE, LAC ELMER, MICHAUD, SOUTH ARTURO and COURAGEOUS LAKE in Canada, KIDSTON, GETCHELL, MOUNT PLEASANT GOLD OPERATIONS, MARYMIA, CLONCURRY COPPER GOLD JV, MT. CARULINA, FUSE WEST, RED HILL and LAVERTON JV in Australia, RIO FRIO S.A., LA ORTIGA, SANTA ROSA, SARITA AND SARITA SUR, REESE RIVER NEVADA and ICBM in Argentina, ANTABAMBA, DONLIN CREEK and PINSON in Peru, KABANGA, REN and KABANGA in Tanzania and NEW BRITAIN ISLAND in Papua New Guinea. Barrick Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is 951.7 millions as of today (€ 855.5 millions). Its stock quote reached its lowest recent point on November 07, 2003 at 10.03, and its highest recent level on January 04, 2013 at 99.88. Barrick Gold has 47 442 200 shares outstanding. |