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Barrick reported a net loss of US $ 94 million or 8 cents per share and an adjusted net income of $ 81 million or seven cents per share for the second quarter of 2018.
Barrick (NYSE: ABX) has yielded -1.18% to US $ 11.68 as of 5:42 pm EDT
Barrick stated that earnings and cash flow were impacted by planned maintenance activities in Barrick Nevada and Pueblo Viejo. The company says it remains on track to meet its full-year gold production targets, with higher production and lower costs in the second half of 2018.
The production of Gold in the second quarter was 1.07 million ounces, at an applicable selling cost with production forecasts of 4.5 to 5 million ounces of gold to be produced this year. Barrick believes that the base-based gold miner may no longer be the world's largest producer. Newmont Mining has a target of 4.9 million to 5.4 million ounces of gold
Copper production was 83 million pounds, at a copper selling cost of 2, $ 45 per pound, maintenance costs of $ 3.04 per pound and money. costs of $ 2.10 per pound
Barrick Gold reduces staff and branches to implement a more "decentralized" operating model. Staff are reassigned and a number of small offices are closed.
"We maintain our forecast for general and administrative expenses for the entire year, as the expected savings from these changes are offset by dismissal costs of about $ 30 million," writes the company. .
Written with the material of the Barrick press release.
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