Barrick Gold delivers solid quarterly results

Barrick Gold delivers solid quarterly results

The world’s biggest gold miner, Barrick Gold Corp (NYSE:ABX) announced strong quarterly results and further debt reductions today.

The firm reported earnings of $US127 million or 11 US cents a share.

It significantly maintained its 2016 production guidance while lowering cost guidance to between $760 and $810 an ounce.

“Every action we take is focused on one overarching objective: growing free cash flow per share,” the miner said in a statement.

Barrick has notably cut costs over the past three years during the bear market and the firm’s stock price has doubled already in 2016.

The company produced 1.28 million ounces of gold in the first quarter and said it is on track to generate between five and 5.5 million ounces in 2016.

“We will manage our portfolio to grow our cash margin over growing ounces, and we will assess existing and new opportunities, both internal and external, with that goal in mind,” the firm added.

@RGNOnline