Seeking Alpha

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.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|