17:09 | ABX | (16.24 +0.20)
Barrick Gold beats by $0.05, beats on revs; co reaffirms gold and copper production for 2017, aims to reduce $7.9 bln at start of 2017 to $5 bln by end of 2018
Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.17; revenues rose 7.4% year/year to $2.16 bln vs the $2.03 bln Capital IQ Consensus
All-in sustaining costs in the second quarter were $710 per ounce, compared to $782 per ounce in the second quarter of 2016
Gold production in the second quarter was 1.432 million ounces
Total debt was reduced by $309 million in the second quarter
Achieving and maintaining a strong balance sheet remains a top priority
Co intends to reduce its total debt from $7.9 billion at the start of 2017, to $5 billion by the end of 2018-at least half of which it is targeting this year
Co continues to expect full-year gold production of 5.3-5.6 million ounces, at a cost of sales of an all-in sustaining costs of $720-$770 per ounce
Co continues to expect full-year copper production of 400-450 million pounds, at a cost of sales an all-in sustaining costs of $2.10-$2.40 per pound