Barrick reports net loss
The company, in its recent quarterly report, stated that production in the third quarter was in line with expectations at 1.66 million ounces of gold.
Full-year gold production is expected to be between 6.1 million to 6.3 million ounces at lower sustaining costs of $830 to $870 per ounce.
“Our objective is to grow free cash flow per share from a portfolio of high-quality gold assets through disciplined capital allocation and operational excellence,” the report said.
“In support of this objective, we have returned to a leaner, decentralised operating model designed to maximise free cash flow and improve execution.
“Clear capital allocation criteria, including a 15 per cent hurdle rate for all investments, are driving greater financial rigor and stronger returns.
“The divestment of non-core assets has refocused our portfolio.
“We have formed vital new strategic partnerships that will drive new opportunities in the future. All of this is driving stronger performance across the business, reflected by two consecutive quarters of positive free cash flow and improved costs.
“At the same time, we are strengthening our balance sheet and remain on track to reduce debt by US$3 billion (K8.5b).
“This momentum will support our overriding objective of growing free cash flow per share.
“It will also be underpinned by a strong pipeline of organic projects and mine site expansion opportunities in our core regions,”
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