Jim Gowans, Co-President of Barrick Gold Corporation (ABX), said the company will focus on operations and cost reductions this year to create a stronger, more flexible company. He was speaking at the Denver Gold Forum in Denver, Colorado.
Barrick is looking to cost reductions achieved through rapid spend reductions via improved contracts, more in-sourcing, and reductions to inventory and working capital, Gowans said. The company has adjusted net earnings in the first half of 2014 of $397M US (0.34 per share), but a net loss of $181M ($0.16 per share) because of a charge for its investment in the Jabal Sayid JV operation in Q2. Barrick agreed in July 2014 to form a joint venture with the Saudi Arabian Mining Company to operate the Jabal Sayid copper project. The transaction is expected to close in Q4 2014, with first production is expected in late 2015.
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The company also operates in the United States, Argentina, Chile, Australia, Africa, Canada, Peru, Papua New Guinea, and the Dominican Republic. Gowans said the company’s five cornerstone mines – Cortez and Goldstrike in Nevada, Lagunas Norte in Peru, Veladero in Argentina and Pueblo Viejo in the Dominican Republic – are expected to generate 60% of 2014 production at all-in sustaining costs of $750-$800 per ounce.
Barrick has an operating/adjusted operating cash flow of $1.1B US and is maintaining a 2014 production guidance of 6.0-6.5 Moz of gold and 410-440 Mlbs of copper.
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