| Barrick Gold Corporation - ABX.t is the world’s largest gold producer, with a portfolio of 27 operating mines and advanced exploration and development projects located across five continents.|
Barrick produced 6.12 million ounces of gold in 2015 at AISC of $831 per ounce.
•Barrick reported first quarter net earnings attributable to equity holders ("net earnings") of $679 million ($0.58 per share), and adjusted net earnings1 of $162 million ($0.14 per share).
•The Company reported first quarter revenues of $1.99 billion, net cash provided by operating activities ("operating cash flow") of $495 million, and free cash flow2 of $161 million.
•Gold production in the first quarter was 1.31 million ounces, at a cost of sales applicable to gold of $833 per ounce, and all-in sustaining costs3 of $772 per ounce.
•We announced a Strategic Cooperation Agreement with Shandong Gold, including the sale of 50 percent of Veladero for $960 million. As a next step, both companies will jointly explore the potential development of Pascua-Lama, and will evaluate additional investment opportunities.
•We further optimized our portfolio through the creation of a new joint venture with Goldcorp at the Cerro Casale project.
•Total debt was reduced by $178 million in the first quarter.
•Full-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces. Approximately two-thirds of this reduction is attributable to the anticipated sale of 50 percent of Veladero. Cost of sales and all-in sustaining cost guidance for the full year remains unchanged.