UPDATE: Barrick Reports First Quarter 2012 Financial and Operating Results; Shrs Fall More than 2% in Early Trade
First Quarter 2012 Financial Highlights:
- Reported net earnings of $1.03 billion ($1.03 per share), a 3% increase from $1.00 billion ($1.00 per share) in the first quarter of 2011 and adjusted net earnings of $1.09 billion ($1.09 per share), an 8% increase from $1.00 billion ($1.01 per share) in same prior year period.
- EBITDA of $2.0 billion), a 9% increase from $1.83 billion in the first quarter of 2011
- Operating cash flow of $1.27 billion and adjusted operating cash flow of $1.37 billion compare to $1.44 billion for both reported and adjusted operating cash flow in the first quarter of 2011.
First Quarter 2012 Operating Highlights:
- Gold and copper production of 1.88 million ounces and 117 million pounds, respectively.
- Gold total cash costs of $545 per ounce and net cash costs of $432 per ounce.
- Gold total cash margins of $1,146 per ounce, up 20% from $952 per ounce in the first quarter of 2011 and net cash margins of $1,259 per ounce, up 16% from $1,081 per ounce in the same prior year period.
- Copper C1 cash costs of $2.08 per pound and copper cash margins of $1.70 per pound.
Full Year 2012 Operating Outlook
- Barrick maintains its full year 2012 gold production guidance of 7.3-7.8 million ounces at total cash costs of $520-$560 per ounce and net cash costs of $400-$450 per ounce.
- The company expects full year 2012 copper production of 550-600 million pounds at C1 cash costs of $1.90-$2.20 per pound.
Close to 360,000 shares have been traded so far.
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