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Barrick Gold says on track to cut debt by $2B this year

  • Barrick Gold (ABX) -0.7% AH after missing Q2 earnings expectations by a penny and saying it will explore selling its 50% stake in western Australia's Kalgoorlie mine to further trim its debt.
  • Newmont Mining (NYSE:NEM), ABX's joint venture partner at Kalgoorlie, said last September that it was interested in buying out the rest of the mine.
  • ABX says it has reduced its total debt by $968M YTD after cutting $3.1B in 2015, and remains on track to cut debt by at least $2B this year; over the medium term, it aims to reduce total debt to below $5B from $9B currently and lower all-in sustaining costs to below $700/oz. by 2019 after reporting AISC of $782/oz. for Q2, down nearly 13% Y/Y.
  • ABX says Q2 gold production fell 7.5% to 1.34M oz. and its average realized gold price rose to $1,259/oz. from $1,190 a year earlier; ABX reaffirms its full-year gold production outlook of 5M-5.5M oz. and lowers its AISC guidance to $750-$790/oz. from $760-$810/oz.
  • Q2 copper output rose to 380M-430M lbs. from 370M-410M lbs. with the start of commercial production at its 50%-owned Jabal Sayid mine in Saudi Arabia.

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