Barrick Gold (ABX +1.7%) is higher after finishing its presentation at the Denver Gold Show, where it reaffirmed its production guidance at 7M-7.4M oz. with a $900-$975/oz. all-in sustaining cash cost well below its peer group; 60% of the production comes from just five mines (Briefing.com).
ABX says it has no plans to build any new mines, which may mean lower production but it would be higher quality production.
Says its focus is on cost reduction via lower 2013 budgeted capex and costs by ~$2B, significant improved 2013 guidance for all-in sustaining cash costs, progressing overhead and operational reviews.
Still optimistic about the Pascua-Lama mine, expecting significant cash flow generation and operating costs in the first quartile of the industry cost curve.