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Barrick Gold Q2 net earnings $0.11 per share

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Christian Fernsby ▼ | August 12, 2019
Barrick Gold
Barrick   Adjusted net earnings of $0.09 per share were in line with market consensus

Barrick Gold Corporation reported second quarter production of 1.353 million ounces of gold in line with the solid base (1.367 million ounces) set in Q1 and driven by strong performances at Loulo-Gounkoto in Mali and Veladero in Argentina.

Topics: Barrick Gold

President and chief executive officer Mark Bristow said at this halfway mark of the year, annual gold production is expected to be at the upper end of the 2019 guidance range with cost metrics at the lower end of the ranges.

Nevada Gold Mines, the joint venture launched on July 1, should impact positively on Barrick’s production profile and is on track to deliver synergies of up to $500 million per year in the first five years.

Net earnings were $0.11 per share.

Adjusted net earnings of $0.09 per share were in line with market consensus and debt net of cash was unchanged at $3.7 billion after payment of the Q1 dividend.

The $0.04 quarterly dividend per share was maintained for Q2.

Following the end of the quarter, Barrick repurchased $248 million of outstanding debt due in 2020, saving annualized interest of approximately $12 million.

Net cash provided by operating activities of $434 million remained strong.

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