Barrick Gold Corp Exec: Met cost guidance for 2013, reserves in gold may be lower for a range of factors and valuing our reserves at a conservative $1100/ounce - CIBC conf presentation comments
- Met 2013 Guidance: Met original gold production guidance of 7.0-7.4 Moz and AISC guidance of $900-$975/oz; Met Copper production guidance of 520-550 Mlbs at C1 cash cost guidance of $1.90-$2.00/lb. Also met Capex guidance of $4.5-$5.0B
- 2014 Outlook: Not surprisingly, we expect lower gold production in 2014, Copper production to be "somewhat lower". Capex to be significantly lower.
- expecting output at Cortez mine to be lower this year
- considering potential impairments at some operations, will be reflected in final FY results
- Will continue disciplined capital allocations even if it means lower production or mine closures.