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Barrick Gold says could be debt free within 10 years

  • Barrick Gold (ABX) President Kelvin Dushnisky says the company could be debt free within a decade, shedding all of its $9B debt present at the end of Q1, if the gold price cooperates.
  • ABX has set a target of paying down $2B in debt this year after exceeding its $3B debt reduction goal last year, and Dushnisky notes that the miner already achieved 40% of that goal by the end of the Q1.
  • Part of the debt strategy will involve divesting ABX’s non-core assets, including its 50% stake in its Zaldivar copper mine in Chile, its Lumwana copper mine in Zambia, and its 64% interest in Acacia Mining, at the right time, Dushnisky says.
  • The CEO also says it could at some point sell its stake in the Australian Kalgoorlie Super Pit joint venture it has with Newmont Mining (NYSE:NEM), whose CEO this week said is still interested in acquiring ABX’s stake, though Dushinski says the two sides remain apart on valuation.

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