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Barrick hits high-end of FY16 guidance

26th January 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

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VANCOUVER (miningweekly.com) – Initial indications are that Canadian miner Barrick Gold has hit the higher-end of its full-year 2016 production guidance at 5.52-million ounces, down 9.8% on 2015.

The world's largest producer of bullion on Wednesday estimated 2016 all-in sustaining costs (AISC) were at, or slightly below, the low end of its forecast of $740/oz to $775/oz of gold, compared with 2015 AISC of $831/oz.

Barrick also estimated its cost of sales applicable to gold was at the low end of the forecast of $800/oz to $850/oz.

The Toronto-based company estimated its full-year copper output to have dropped 18.8% to 415-million pounds, with AISC of $2/lb to $2.20/lb, lower than the $2.33/lb reported for 2015.

“Our portfolio delivered progressively stronger performance over the course of 2016 as we focused on driving improvements in productivity and efficiency across our operations. Through the acceleration of ‘best-in-class’ initiatives, we are driving down costs, expanding margins, and maximising free cash flow across the portfolio. This will remain a focus in 2017 as we target step changes in performance,” stated Barrick president Kelvin Dushnisky.

Barrick will report detailed fourth-quarter and full-year results on February 15.

Edited by Creamer Media Reporter

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