Barrick Gold Posted Robust Results in Q1 2020

Barrick Gold reported net earnings of 22 cents per share and adjusted net earnings of 16 cents per share during the quarter.

SEATTLE (Scrap Monster):  All operations of Barrick Gold Corporation reported robust performance during the first quarter of 2020. The gold production and costs were in line with full-year guidance provided earlier.

The company has cut its 2020 production guidance, following temporary suspension of operations at its Porgera gold mine due to non-renewal of 20-year Special Mining Lease by the Papua New Guinea government. Barrick Gold now expects the annual gold production to range between 4.6 million and 5 million ounces of gold in 2020. This is nearly 200,000 ounces lower than the earlier estimate. Also, the company has withdrawn its full-year 2020 guidance for the PNG mine.

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Barrick Gold reported net earnings of 22 cents per share and adjusted net earnings of 16 cents per share during the quarter. The operating cash flow increased to $889 million, whereas the free cash flow too was up by $438 million. The quarterly gold production dropped from 1.439 million ounces in the prior quarter to 1.250 million ounces in Q1 this year. It reported total cash cost of $692 per ounce and all-in sustaining costs (AISC) of $954 per ounce.

The operational and financial results were in line with expectations, despite restrictive conditions imposed by various governments. Barrick Gold has donated more than $20 million to fund purchase of medical equipment and PPE, said Mark Bristow, President and CEO.

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