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BRIEF-Barrick Gold Q2 adj EPS $0.14

Published 28/07/2016, 08:20 am
© Reuters.  BRIEF-Barrick Gold Q2 adj EPS $0.14
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July 27 (Reuters) - Barrick Gold Corp ABX.TO

* Reduced total debt by $968 million year-to-date, and remain on track to achieve $2 billion debt reduction target for year

* Qtrly copper production 103 million pounds versus 115 million pounds last year

* Qtrly copper C1 cash cost per pound $1.52 versus $1.94 last year

* All-In sustaining cost guidance for 2016 has been reduced to $750-$790 per ounce

* Nearly $1 billion in debt repayments completed so far this year, or roughly half of our $2 billion debt reduction target for 2016

* "in 2016, we intend to reduce our total debt by at least $2 billion by drawing on our existing cash balance"

* Capital expenditures for 2016 are now expected to be $1.25-$1.40 billion, below original 2016 guidance range of $1.35-$1.65 billion

* Over medium term, aim to reduce total debt to below $5 billion

* Barrick reports second quarter 2016 results

* Q2 adjusted earnings per share $0.14

* Q2 earnings per share $0.12

* Q2 revenue $2.01 billion versus $2.23 billion

* Qtrly gold production 1.34 million ounces versus 1.45 million ounces last year

* Qtrly gold all-in sustaining costs per ounce $782 versus $895 per ounce last year

* Q2 revenue $2,012 million versus $2,231 million last year

* For full year, we expect cost of sales applicable to gold to be in range of $5.2-$5.5 billion

* Continue to expect full-year gold production of 5.0-5.5 million ounces

* Sees 2016 copper production 380-430 millions of pounds

* Sees 2016 copper C1 cash cost $1.35-$1.65 per pound

* "we will continue to pursue non-core asset sales with discipline"

* Intend to initiate a process to explore sale of 50 percent stake in KCGM operation in western Australia Source text for Eikon: ID:nMKW6n9LZa Further company coverage: ABX.TO

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