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RPT-CORRECTED-UPDATE 1-Barrick Gold aims to cut at least $2 bln in debt this year (Feb. 17)

Published 2016-02-18, 09:06 a/m
© Reuters. RPT-CORRECTED-UPDATE 1-Barrick Gold aims to cut at least $2 bln in debt this year (Feb. 17)
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(Repeats corrected story issued on Feb. 17. The story headline
and paragraph 1 were corrected to say company set production and
debt-reduction targets for 2016, not cut forecast and costs)
Feb 17 (Reuters) - Barrick Gold Corp ABX.N ABX.TO , the
world's largest gold producer, on Wednesday forecast 2016 gold
production of 5.0-5.5 million ounces and a debt reduction target
of at least $2 billion for the year.
The company, which produced 6.12 million ounces in 2015,
expects all-in sustaining costs of $775-$825 per ounce for the
year, largely lower than $831 per ounce a year earlier.
The Toronto, Ontario-based miner, which has one of the
highest debt loads of any gold miner, has been selling its
non-core assets in order to reduce debt. It said in January it
had met its $3 billion debt-reduction target.
Capital expenditures for 2016 were forecast at $1.35
billion-$1.65 billion, compared with 2015 capital expenditures
of $1.51 billion.
Gold XAU= GCv1 has been hit by a slowdown in China's
growth, the world's top consumer, a global supply glut and a
strong dollar .DXY .
The company also reported higher-than-expected quarterly
profits as sale of its non-core assets helped offset the dip in
gold prices.
Net loss attributable to Barrick was $2.62 billion, or $2.25
per share, in the quarter ended Dec. 31, compared with a loss of
$2.85 billion, or $2.45 per share, a year earlier.
Excluding items, it reported a profit of 8 cents per share,
bigger than the average analysts' estimate of 6 cents per share,
according to Thomson Reuters I/B/E/S.
Revenue fell about 11 percent to $2.24 billion.

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