Barrick Gold Preliminary Third Quarter Production Results

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Algemeen advies 11/10/2018 14:07
October 10, 2018
All amounts expressed in U.S. dollars unless otherwise indicated

TORONTO — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (“Barrick” or the “Company”) today announced preliminary third quarter sales of 1.20 million ounces of gold, and 114 million pounds of copper, as well as preliminary third quarter production of 1.15 million ounces of gold, and 106 million pounds of copper. The average market price for gold in the third quarter was $1,213 per ounce, while the average market price for copper was $2.77 per pound.

Preliminary third quarter gold sales of 1.20 million ounces, and gold production of 1.15 million ounces, were approximately 16 percent and 8 percent higher than the second quarter, respectively, primarily due to improved throughput and grade at Barrick Nevada. Third quarter gold cost of sales per ounce1 is expected to be approximately 3-5 percent lower, cash costs per ounce2 1-3 percent lower, and all-in sustaining costs per ounce2 approximately 7-9 percent lower, as compared to the second quarter.

We are maintaining our 2018 consolidated gold production guidance of 4.5-5.0 million ounces, at a cost of sales of $810-$850 per ounce1, cash costs2 of $540-$575 per ounce, and all-in sustaining costs2 of $765-$815 per ounce.3 We expect gold production to be approximately 1.25 million ounces in the fourth quarter.

Preliminary third quarter copper sales of 114 million pounds, and copper production of 106 million pounds, were approximately 54 percent and 28 percent higher than the second quarter of the year, respectively, primarily as a result of higher production at Lumwana, driven by a steady improvement in grade and recovery, and improved crusher reliability. We expect a quarter-over-quarter decrease in our consolidated copper cost of sales per pound1 of approximately 10-12 percent, C1 cash costs per pound2 of approximately 7-9 percent, and all-in sustaining costs per pound2 of approximately 10-12 percent, as compared to the second quarter.

We are maintaining our 2018 copper production guidance of 345-410 million pounds, at a cost of sales of $2.00-$2.30 per pound1, C1 cash costs2 of $1.80-$2.00 per pound, and all-in sustaining costs2 of $2.55-$2.85 per pound.3

We now expect our full-year 2018 effective tax rate to be approximately 48-50 percent, assuming a gold price of $1,200 per ounce for the remainder of the year. The increase from our previous guidance range of 44-46 percent is due to lower-than-anticipated sales from operations in lower-tax jurisdictions, in particular Barrick Nevada, while costs in non-tax-effected entities have remained relatively stable. We expect an effective tax rate in the third quarter of around 59 percent, which is higher than our year-to-date effective tax rate, as a result of adjusting our first-half 2018 tax expense from 44 percent to 49 percent.

Barrick will provide additional discussion and analysis regarding third quarter production and sales when the Company reports quarterly results on October 24, 2018, followed by a conference call and webcast on October 25 at 8:00 a.m. ET. The following table includes preliminary gold and copper production and sales results from our operations:

Three months ended
September 30, 2018 Nine months ended
September 30, 2018
Production Sales Production Sales
Gold (equity ounces (000s))
Barrick Nevada4 545 596 1,480 1,502
Pueblo Viejo (60%) 151 147 415 420
Lagunas Norte 64 67 195 201
Veladero (50%)5 49 50 201 206
Turquoise Ridge (75%) 79 75 194 196
Acacia (63.9%) 87 87 250 247
Kalgoorlie (50%) 75 77 256 259
Porgera (47.5%) 53 62 134 141
Hemlo 41 39 119 120
Golden Sunlight 5 4 21 20
Total Gold 1,149 1,204 3,265 3,312

Copper (equity pounds (millions))
Lumwana 64 65 159 157
Zaldívar (50%) 28 28 75 73
Jabal Sayid (50%) 14 21 40 43
Total Copper 106 114 274 273

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