Research (J&T BANKA)
World markets  |  November 02, 2012 09:12:53

The results of Barrick Gold in 3Q estimates fell behind in all respects

The largest gold miner in the world Barrick Gold announced yesterday 3Q sales of USD 3.44 billion, below expectations of 3.65 billion, and adjusted earnings per share of $ 0.85, below expectations of $ 0.99. The reason for this was approximately 6% lower production than expected, and slightly lower realized gold price. Slightly above estimates were also costs per ounce, due to mines in Africa and Australia. The company said that this year's production will be in the lower half of the former band 7.3 to 7.8 million ounces and costs in the upper half of the band from 460 to 500 USD per ounce. Management also confirmed that negotiations for the sale of African Barrick Chinese investor in progress and said that the proceeds from the sale would be used to reduce debt.The total cost of construction of Pascua Lama mine in Argentina (the largest project of the company) will be 8 - 8.5 billion USD (previously estimated 7-8 billion). Running mine was shifted by quarter for the second half 2014. The results came out negative, but not delivered by us no substantial change in the cost of production or prospects of the company.

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