Barrick Gold misses Q2 estimates but lowers full-year cost guidance

Barrick Gold (NYSE:ABX) -0.9% AH after Q2 earnings and revenues missed analyst expectations, reflecting a weaker gold price and lower gold and copper sales volumes.

ABX reports Q2 production of 1.485M oz. at all-in sustaining costs of $865/oz., and says the cost improvement "in a lower production quarter clearly demonstrate our ongoing and relentless focus on company-wide cost management."

Q2 results included a $514M impairment charge related to ABX's Jabal Sayid mine in Saudi Arabia in which it sold a 50% interest; year-ago results included $8.7B in charges, mostly related to its Pascua-Lama project in South America.

Cuts 2014 all-in sustaining cost guidance to $900-$940/oz. vs. a previous forecast of $920-$980; also cuts operating cost guidance to $580-$630/oz.

Also cuts its 2014 capex guidance range to $2.2B-$2.5B from $2.4B-$2.7B.

Maintains full-year production forecast at 6M-6.5M oz.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs