Photo by: Duane Daws
TORONTO (miningweekly.com) – The world’s most prolific gold producer Barrick Gold on Thursday warned that it expected to book potential goodwill impairment charges of about $1.8-billion, and asset impairment charges in the range of $1-billion to $1.2-billion, mainly related to its stalled Pascua-Lama project in Argentina/Chile and Pueblo Viejo, in the Dominican Republic.
The TSX- and NYSE-listed miner was currently carrying out its yearly accounting impairment review, based on a gold price assumption of $1 000/oz for 2016, and a long-term price of $1 200/oz.
The company's stock tracked 2.2% lower in after-hours trading in New York, changing hands at $8.15 apiece.
The company also reported that it had hit its updated full-year 2015 production guidance of 6-million to 6.15-million ounces, reporting company-wide output of 6.12-million ounces for 2015. Copper output came in at 511-million pounds, also in line with full-year guidance of between 480-million and 520-million pounds.
The Toronto-headquartered miner reported gold output of 1.62-million ounces for the fourth quarter ended December 31, and 138-million pounds of copper.
Barrick said it expected an average realised price for gold of $1 157/oz for the full year and $1 105/oz for the fourth quarter. The average realised copper price was expected to be $2.37/lb for the full year and $2.16/lb for the fourth quarter.