TORONTO – Barrick Gold Corp. reported a net loss of US$3.06 billion, including a US$4.2-billion after tax impairment charge related to its copper business, in Q4 2012. For the full year, the world’s largest gold miner had a net loss of $670 million, including after tax impairment charges of US$4.4 billion. However, adjusted net earnings at US$3.83 billion were the second highest in the company’s history. Barrick said that it has a full year 2012 operating cash flow of US$5.44 billion, a company record.
Gold production was 7.42 million oz for 2012 at a total cash cost of US$584/oz, but will fall to between 7.0 million and 7.4 million oz in 2013 due mainly to expected lower production from the Goldstrike and Cortez mines in Nevada, and lower grades for Lagunas Norte in Peru and the Veladero mine in Argentina. Guidance has also been lowered for African Barrick Gold.
Barrick says that despite the lower numbers next year, it is on track to reach 8.0 million oz/y by 2016.
The company also produces copper from its Lumwana mine in Zambia and the Zaldivar mine in Chile. Full year 2012 copper production was 468.0 million lb at C1 cash costs of US$2.17/lb. Production is expected to rise to between 480.0 million and 540.0 million lb of copper in 2013.
Read the news release dated Feb. 14, 2013, posted at Barrick.com for complete details of Q4 and 2012.