- Barrick reported first quarter net earnings attributable to
equity holders ("net earnings") of $158
million ($0.14 per share), and adjusted net
earnings1 of $170 million ($0.15 per
share).
- The Company reported first quarter revenues of $1.79
billion, net cash provided by operating activities ("operating cash
flow") of $507 million, and free cash flow2 of $181
million.
- Gold production in the first quarter was 1.05 million ounces,
at a cost of sales applicable to gold3 of $878 per ounce,
all-in sustaining costs4 of $804 per ounce, and cash
costs4 of $573 per ounce.
- Copper production was 85 million pounds, at a cost of
sales applicable to copper3 of $2.07 per pound, all-in
sustaining costs5 of $2.61 per pound, and C1 cash costs5 of
$1.88 per pound.
- We continue to expect full-year gold production of
4.5-5.0 million ounces, at a cost of sales3 of $810-$850 per
ounce, all-in sustaining costs4 of $765-$815 per ounce, and cash
costs4 of $540-$575 per ounce.
- Full-year copper production guidance remains 385-450 million
pounds, at a cost of sales3 of $1.80-$2.10 per pound, all-in
sustaining costs5 of $2.30-$2.60 per pound, and C1 cash costs5 of
$1.55-$1.75 per pound.
- During the first quarter, S&P Global Ratings and Moody's
Investors Service upgraded Barrick's credit rating, citing
significant improvements in free cash flow generation and
liquidity, supported by the Company's low-cost portfolio and
favorable geopolitical risk profile.
- The Company does not intend to sell additional assets for
purposes of debt reduction, and will use cash on hand and cash flow
from operations for future debt repayments. Proceeds from any
future portfolio optimization will be used to enhance our project
pipeline, or returned to shareholders.
- Nevada growth projects remain on schedule and within budget.
The Fourmile exploration program in the Cortez district is
progressing well, with encouraging initial assay results.
All amounts expressed in U.S. dollars unless otherwise
indicated
Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) ("Barrick" or the
"Company") today reported first quarter results for the period
ending March 31, 2018. Gold production and costs for the
quarter were in line with expectations, with higher production and
lower costs expected in the second half of 2018 driven by the
timing of capital expenditures, higher throughput, and improved
grades. Despite lower production levels, adjusted net earnings,
operating cash flow, and free cash flow all increased compared to
the prior-year period, primarily driven by higher gold prices.
Our priorities for 2018 are focused on
positioning Barrick to grow free cash flow per share over the long
term from a portfolio of high-quality, long-life gold assets in the
Americas, with an increasing focus on organic growth in Nevada and
the Dominican Republic. At our existing operations, our goal is to
maintain industry-leading margins through a continuous cycle of
optimization, pushing our mines to achieve greater levels of
safety, efficiency, and productivity, while working to mitigate
increasing costs associated with more complex ore types and a shift
to more underground mining. In addition, we are making investments
in digital technology and innovation that will allow us to identify
and accelerate further operational improvements across our
portfolio.
OUTLOOK
We continue to expect full-year gold production
of 4.5-5.0 million ounces, at a cost of sales3 of $810-$850
per ounce, and all-in sustaining costs4 of $765-$815 per ounce. As
previously reported, the power plant that supplies electricity to
the Porgera Joint Venture mine was damaged during an earthquake
that struck Papua New Guinea on February 26, 2018. The mine's
processing plant is currently operating at approximately 25 percent
capacity, supported by an existing on-site diesel power station, as
well as portable generators. At this time, the operation expects to
increase processing capacity in stages, with full capacity
anticipated by the fourth quarter. While the impact of this event
to production at Porgera remains under evaluation, the Company's
consolidated 2018 gold production guidance remains unchanged.
Business interruption insurance is expected to mitigate a
significant portion of earnings lost as a result of this event.
We expect gold production in the second quarter
to be roughly in line with the first quarter at around one million
ounces, mainly due to the impact of a scheduled maintenance
shutdown at the Barrick Nevada roaster.
Sustaining capital expenditures are expected to
be higher in the second quarter relative to the first quarter as
the North American construction season ramps up for major
sustaining projects such as tailings dam raises. Capitalized
stripping at Barrick Nevada, Pueblo Viejo, and Veladero, and
increased underground development at Barrick Nevada, are also
expected to be higher in the second quarter.
The completion of development work, stripping,
and maintenance in the second quarter, along with access to higher
grades in the second half of the year, is expected to drive
stronger production in the third and fourth quarters, at lower
costs compared to the first half of 2018. In particular, we expect
higher production from Barrick Nevada and Pueblo Viejo in the
second half of the year, driven by higher grades and
throughput.
We continue to expect full-year copper
production of 385-450 million pounds, at a cost of sales3 of
$1.80-$2.10 per pound, and all-in sustaining costs5 of $2.30-$2.60
per pound. Lower realized grades in the first quarter at the
Lumwana mine are expected to steadily improve over the course of
2018.
Total attributable capital expenditure guidance6
for 2018 remains unchanged at $1.40-$1.60 billion, including mine
site sustaining capital7 of $0.95-$1.10 billion, and project
capital expenditures8 of $450-$550 million.
FINANCIAL HIGHLIGHTS
The Company reported net earnings of $158
million ($0.14 per share) for the first quarter, compared to net
earnings of $679 million ($0.58 per share) in the prior-year
period. Lower net earnings are primarily the result of a net
impairment reversal of $1.13 billion ($522 million net of
tax and non-controlling interest) recorded in the first quarter of
2017, in connection with our divestment of 25 percent of the Cerro
Casale project (Norte Abierto).
Adjusted net earnings1 for the first quarter
rose by five percent to $170 million ($0.15 per share), compared to
$162 million ($0.14 per share) in the first quarter of 2017. The
increase in adjusted net earnings was primarily due to higher
realized gold prices9 and lower depreciation.
Operating cash flow for the first quarter was
$507 million, compared to $495 million in the prior-year period.
Higher operating cash flow was driven by higher realized gold
prices9, lower cash taxes and interest paid, and lower general and
administrative expenses related to stock-based compensation
compared to the first quarter of 2017.
Free cash flow2 for the first quarter was $181
million, compared to $161 million in the prior-year period,
reflecting slightly higher operating cash flows, combined with
slightly lower capital expenditures. In the first quarter of 2018,
capital expenditures on a cash basis were $326 million, compared to
$334 million in the prior-year period.
BALANCE SHEET UPDATE
Over the past three years, we have reduced our
total debt by more than 50 percent, from $13.1 billion at the end
of 2014, to $6.4 billion by the end of 2017. In the first quarter
of 2018, both S&P Global Ratings and Moody's Investors Service
upgraded Barrick's credit rating, citing significant improvements
in free cash flow generation and liquidity, supported by the
Company's low-cost portfolio and favorable geopolitical risk
profile.
Our goal remains to reduce our total debt from
$6.4 billion at present, to around $5 billion by the end of 2018.
To achieve this, we will use cash flow from operations, and cash on
hand. Having materially strengthened the balance sheet, Barrick
does not intend to sell further assets for the purposes of debt
repayment. Any proceeds resulting from additional portfolio
optimization will be reinvested back into the business to enhance
our project pipeline, or returned to shareholders.
At the end of the first quarter, Barrick had a
consolidated cash balance of approximately $2.4 billion.10 The
Company has less than $100 million in debt due before
2020.11 More than three-quarters of our outstanding total debt
of $6.4 billion does not mature until after 2032.
OPERATING HIGHLIGHTS
Barrick produced 1.05 million ounces of gold in
the first quarter of 2018 at a cost of sales3 of $878 per ounce,
and all-in sustaining costs4 of $804 per ounce, in line with
expectations. This compares to gold production of 1.31 million
ounces in the first quarter of 2017, at a cost of sales3
of $833 per ounce, and all-in sustaining costs4 of
$772 per ounce.
Lower gold production compared with the
prior-year period was expected as a result of the sale of 50
percent of the Veladero mine on June 30, 2017, lower throughput at
Acacia as a result of reduced operations at Bulyanhulu, lower
grades processed through the oxide mill and roaster at Barrick
Nevada, and lower throughput and grade at Hemlo and Lagunas Norte.
An earthquake that damaged power infrastructure in Papua New Guinea
also impacted production at Porgera during the quarter.
On a per ounce basis, cost of sales was five
percent higher than the prior-year period due to the impact of
fewer ounces sold, and higher royalty expenses as a result of an
increase in realized gold prices.9 Cost of sales was also impacted
by higher direct mining costs, primarily due to inflation in fuel,
labor, and maintenance costs, partially offset by Best-in-Class
operational and efficiency improvements. Higher all-in sustaining
costs4 primarily reflect a planned increase in mine site sustaining
capital expenditures on a per ounce basis, combined with higher
direct mining costs.
The Company produced 85 million pounds of copper
in the first quarter, at a cost of
sales3 of $2.07 per pound, and all-in sustaining
costs5 of $2.61 per pound. This compares to 95
million pounds, at a cost of sales of $1.73 per
pound, and all-in sustaining costs5 of $2.19 per
pound, in the first quarter of 2017.
Copper production for the first quarter of 2018
was 11 percent lower than the prior-year period, primarily due to
lower production at Lumwana as a result of mill shutdowns and lower
grades, and at Zaldívar due to fewer tonnes placed on the leach
pad. This was partially offset by higher production at Jabal Sayid,
driven by higher grade, throughput, and recoveries.
On a per pound basis, cost of sales applicable
to copper3 increased as a result of higher processing and
maintenance costs at Lumwana, and higher unit production costs at
Zaldívar, partially offset by lower production costs at Jabal
Sayid. Copper all-in sustaining costs5 were higher than the
prior-year period, reflecting higher cost of sales combined with
higher mine site sustaining capital expenditures at Zaldívar and
Lumwana.
Please see page 41 of Barrick's first quarter
MD&A for individual operating segment performance details.
Detailed mine site guidance information can be found in Appendix 1
of this press release.
|
Gold |
First Quarter 2018 |
|
2018 Guidance |
Production12
(000s of ounces) |
1,049 |
|
4,500 -
5,000 |
Cost of sales
applicable to gold3 ($ per ounce) |
878 |
|
810 -
850 |
Cash costs4 ($
per ounce) |
573 |
|
540 -
575 |
All-in sustaining
costs4 ($ per ounce) |
804 |
|
765 -
815 |
Copper |
|
|
Production12
(millions of pounds) |
85 |
|
385 -
450 |
Cost of sales
applicable to copper3 ($ per pound) |
2.07 |
|
1.80 -
2.10 |
C1 cash costs5 ($
per pound) |
1.88 |
|
1.55 -
1.75 |
All-in sustaining
costs5 ($ per pound) |
2.61 |
|
2.30 -
2.60 |
|
|
|
Total Attributable Capital
Expenditures6 ($ millions) |
326 |
|
1,400 - 1,600 |
EXPLORATION AND GROWTH
Nevada remains the focus of our 2018 exploration
programs and project development activities. Our strategy is
focused on growing free cash flow from this core district over the
long term through organic project development, growing our gold
resource base through exploration, and optimizing the processing of
existing stockpiles.
Nevada growth projects at Turquoise Ridge,
Goldrush, and Cortez Deep South are now in execution, and are
expected to begin contributing to production from 2021. Our mine
exploration programs are focused on replacing gold reserves and
identifying new resources which, in many cases, can be quickly
incorporated into mine plans, driving near-term improvements in
production and cash flow. In addition, Barrick Nevada currently has
approximately 4.8 million ounces of proven gold reserves in
existing stockpiles. To unlock the full potential of our Nevada
asset base, the Company is evaluating an increase in processing
capacity that would accommodate new production from organic
projects, and bring forward production from stockpiles, increasing
overall production levels from Nevada.
NEVADA, U.S.A.
Turquoise Ridge (75 percent
Barrick)13 - Shaft sinking
preparation underwayBarrick is constructing a third shaft
at Turquoise Ridge, which will allow the mine to roughly double
annual production to more than 500,000 ounces per year (100 percent
basis), at an average cost of sales of around $720 per ounce, and
average all-in sustaining costs4 of roughly $630 per ounce.
The contract for shaft sinking was awarded to Thyssen Mining during
the first quarter, and mobilization planning is now underway.
Procurement of long-lead-time items has begun, with major
components such as the shaft hoist now ordered. Construction during
the first quarter centered on well drilling activities, electrical
distribution, and mine site utility construction and
activation. The capital cost for this project is estimated to
be $300-$325 million (100 percent basis). Initial production from
the new shaft is expected to begin in 2022, with sustained
production from 2023. At 15.56 grams per tonne, Turquoise Ridge has
the highest average reserve grade in the Company's operating
portfolio, and among the highest in the gold industry.
Goldrush - Portal pad construction
completed, decline development underwayWhen in full
operation, the Goldrush underground project is expected to produce
approximately 500,000 ounces of gold per year, at a cost of sales3
of roughly $750 per ounce, and all-in sustaining costs4 of
approximately $640 per ounce. Portal pad construction for twin
declines was completed in the first quarter of 2018, with decline
construction now underway. Decline construction, detailed
engineering, and permitting are expected to take place between 2018
and 2021, with construction and initial production expected between
2021 and 2022, and sustained production expected from 2023. The
exploration twin declines will provide access to the orebody at
depth, which will enable further exploration drilling, as well as
the conversion of existing resources to reserves. These declines
can be converted into production declines in the future. Goldrush
currently has proven and probable gold reserves of 1.5 million
ounces14, and measured and indicated gold resources of 9.4
million ounces14, with significant potential to identify additional
resources once underground access to drill the deposit is
established. Ongoing surface drilling in the Red Hill zone of the
deposit in 2018 is also expected to support additional resource
conversion.
Cortez Deep
South15 - Rangefront east decline
completed, infrastructure under constructionThe Deep South
project is expected to contribute approximately 300,000 ounces of
annual gold production when fully ramped up between 2024 and 2028,
at a cost of sales3 of $650 per ounce, and all-in sustaining costs4
of $580 per ounce. Deep South will utilize infrastructure which has
already been approved under current plans to expand mining in the
Lower Zone of the Cortez underground mine, including the new
Rangefront twin declines and other underground infrastructure
already under construction. The east decline is now complete,
breaking through to the underground mine approximately two weeks
ahead of schedule on March 18. The west decline is 38 percent
complete and advancing according to schedule. Permitting for Deep
South was initiated in 2016 with the submission of an amendment to
the current Mine Plan of Operations to the Bureau of Land
Management. A record of decision on an Environmental Impact
Statement is expected in the second half of 2019, followed by two
years of construction, with initial production from Deep South in
2022.
Fourmile - More high grade drill results
increase confidenceThe Fourmile exploration project is
located one to three kilometers north of the Goldrush deposit, and
is the focus of our 2018 greenfield exploration program in Nevada.
Drilling to date has intersected mineralization well above the
average grade of the measured and indicated resources at Goldrush.
We are increasingly confident that Fourmile and Goldrush form part
of a seven-kilometer-long mineralized system, similar in length to
the mineralization at Goldstrike. In 2018, we plan to drill 24
holes at Fourmile—with five holes now completed, and four in
progress. Assay results completed in 2018 include a hole with 9.1
meters grading 40.9 grams per tonne of gold. Please see endnote 16
for a significant intercepts table including recent Fourmile
drilling.
ARGENTINA/CHILE
Pascua-LamaOver the past year,
Barrick has been studying the optimization of the Pascua-Lama
project. Work to date on the prefeasibility study for a potential
underground project indicates that while the concept may be
feasible from a technical standpoint, it does not meet Barrick's
investment criteria. Based on this, and taking into consideration
other risk factors, the Company has suspended work on the
prefeasibility study, and will focus on adjusting the project
closure plan for surface infrastructure on the Chilean side of the
project, in line with legal requirements. Barrick will continue to
evaluate opportunities to de-risk the project while maintaining
Pascua-Lama as an option for development in the future if economics
improve, and related risks can be mitigated.
ACACIA MINING PLC UPDATE
Discussions between the Government of Tanzania
and Barrick concerning the proposed framework agreement for Acacia
Mining plc's operations in Tanzania have been constructive and
continue to progress. Detailed legal agreements concerning the
implementation of the conceptual framework are now being drafted.
Barrick has continued to engage with independent directors of
Acacia during this process, and Acacia is supporting Barrick in its
ongoing discussions. We continue to target the first half of 2018
for the completion of a detailed proposal for review by Acacia.
Under the proposed framework agreement, economic benefits generated
by Acacia's operations would be split with the Government of
Tanzania on a 50/50 basis. The Government's portion would be
delivered primarily in the form of royalties, taxes, and a 16
percent free carried interest in Acacia's Tanzanian operations, in
line with the country's new mining law.
TECHNICAL INFORMATION
The scientific and technical information
contained in this press release has been reviewed and approved by:
Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick;
Rick Sims, Registered Member SME, Vice President, Reserves and
Resources of Barrick; and Robert Krcmarov, FAusIMM, Executive Vice
President, Exploration and Growth of Barrick—each a "Qualified
Person" as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
Appendix 12018 Operating and Capital
Expenditure Guidance
|
GOLD PRODUCTION AND COSTS |
|
Production(000s ounces) |
Cost of sales3($ per ounce) |
All-insustaining costs4($ per ounce) |
Cash costs4($ per ounce) |
Barrick Nevada |
2,000
- 2,255 |
760 -
810 |
610 -
660 |
470 -
530 |
Turquoise Ridge
(75%) |
240 -
270 |
670 -
720 |
650 -
730 |
580 - 620 |
Pueblo Viejo (60%) |
585 -
615 |
720 - 750 |
590 -
620 |
425 -
450 |
Veladero (50%) |
275 -
330 |
970 -
1,110 |
960 -
1,100 |
560 -
620 |
Lagunas Norte |
230 -
270 |
780 -
910 |
670 -
780 |
420 -
490 |
Porgera (47.5%) |
230 -
255 |
950 -
1,000 |
950 -
1,000 |
780 -
830 |
Kalgoorlie (50%) |
350 -
400 |
775 -
825 |
750 -
800 |
640 -
690 |
Acacia (63.9%) |
275 -
305 |
970 -
1,020 |
935 -
985 |
690 -
720 |
Hemlo |
200 -
220 |
860 -
920 |
975 -
1,075 |
740 -
790 |
Golden
Sunlight |
35 - 50 |
1,100 - 1,200 |
1,290 - 1,460 |
1,130 - 1,230 |
Total Gold |
4,500 - 5,00017 |
810 - 850 |
765 - 815 |
540 - 575 |
|
COPPER PRODUCTION AND COSTS |
|
Production(millions of pounds) |
Cost of sales3($ per pound) |
All-insustaining costs5($ per pound) |
C1 cash costs5($ per pound) |
Zaldívar (50%) |
115 -
130 |
2.30 -
2.50 |
2.05 -
2.25 |
~1.70 |
Lumwana |
230 -
265 |
1.65 -
1.90 |
2.50 -
2.80 |
1.65 -
1.90 |
Jabal
Sayid (50%) |
40 - 55 |
1.85 - 2.50 |
1.70 - 2.30 |
1.40 - 1.80 |
Total Copper |
385 - 45017 |
1.80 - 2.10 |
2.30 - 2.60 |
1.55 - 1.75 |
|
CAPITAL EXPENDITURES |
|
($ millions) |
|
Mine site
sustaining |
950 - 1,100 |
|
Project |
450 - 550 |
|
Total Attributable
Capital Expenditures6 |
1,400 - 1,600 |
|
Appendix 22018 Outlook Assumptions and
Economic Sensitivity Analysis
|
2018 GuidanceAssumption |
HypotheticalChange |
Impact onRevenue(millions) |
Impact onCost of sales3(millions) |
Impact onAll-in sustainingcosts4,5 |
Gold revenue, net of
royalties |
$1,200/oz |
+/-
$100/oz |
+/- $363 |
+/- $10 |
+/- $3/oz |
Copper revenue, net of
royalties18 |
$2.75/lb |
+
$0.50/lb |
+
$163 |
+
$12 |
+ $0.04/lb |
Copper revenue, net of
royalties18 |
$2.75/lb |
-
$0.50/lb |
-
$137 |
-
$10 |
- $0.03/lb |
Gold all-in sustaining
costs4 |
|
|
|
|
|
WTI crude
oil price19 |
$55/bbl |
+/-
$10/bbl |
n/a |
+/- $20 |
+/- $5/oz |
Australian dollar exchange rate |
0.75 : 1 |
+/-
10% |
n/a |
+/- $22 |
+/- $6/oz |
Argentine
peso exchange rate |
18.35
: 1 |
+/-
10% |
n/a |
+/- $11 |
+/- $3/oz |
Canadian
dollar exchange rate |
1.25 :
1 |
+/-
10% |
n/a |
+/-
$26 |
+/-
$7/oz |
Copper all-in
sustaining costs5 |
|
|
|
|
|
WTI crude
oil price19 |
$55/bbl |
+/-
$10/bbl |
n/a |
+/-
$3 |
+/- $0.06/lb |
Chilean peso exchange rate |
650 : 1 |
+/- 10% |
n/a |
+/- $7 |
+/- $0.02/lb |
Endnotes
ENDNOTE 1
“Adjusted net earnings” and “adjusted net
earnings per share” are non-GAAP financial performance measures.
Adjusted net earnings excludes the following from net earnings:
certain impairment charges (reversals) related to intangibles,
goodwill, property, plant and equipment, and investments; gains
(losses) and other one-time costs relating to acquisitions or
dispositions; foreign currency translation gains (losses);
significant tax adjustments not related to current period earnings;
unrealized gains (losses) on non-hedge derivative instruments; and
the tax effect and non-controlling interest of these items. The
Company uses this measure internally to evaluate our underlying
operating performance for the reporting periods presented and to
assist with the planning and forecasting of future operating
results. Barrick believes that adjusted net earnings is a useful
measure of our performance because these adjusting items do not
reflect the underlying operating performance of our core mining
business and are not necessarily indicative of future operating
results. Adjusted net earnings and adjusted net earnings per share
are intended to provide additional information only and do not have
any standardized meaning under IFRS and may not be comparable to
similar measures of performance presented by other companies. They
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. Further
details on these non-GAAP measures are provided in the MD&A
accompanying Barrick’s financial statements filed from time to time
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per
Share, Adjusted Net Earnings and Adjusted Net Earnings per
Share
|
|
($
millions, except per share amounts in dollars) |
For the three months ended March 31 |
|
|
|
2018 |
|
|
2017 |
|
Net earnings
attributable to equity holders of the Company |
$ |
158 |
|
$ |
679 |
|
Impairment charges
related to intangibles, goodwill, property, plant and equipment,
and investments1 |
|
2 |
|
|
(1,125 |
) |
Acquisition/disposition
(gains)/losses2 |
|
(46 |
) |
|
3 |
|
Foreign currency
translation losses |
|
15 |
|
|
3 |
|
Significant tax
adjustments3 |
|
46 |
|
|
(3 |
) |
Other expense
adjustments |
|
(6 |
) |
|
6 |
|
Unrealized gains on
non-hedge derivative instruments |
|
— |
|
|
3 |
|
Tax
effect and non-controlling interest |
|
1 |
|
|
596 |
|
Adjusted
net earnings |
$ |
170 |
|
$ |
162 |
|
Net earnings per
share4 |
|
0.14 |
|
|
0.58 |
|
Adjusted
net earnings per share4 |
|
0.15 |
|
|
0.14 |
|
1 Net impairment reversals for the three months ended
March 31, 2017 primarily relate to impairment reversals at the
Cerro Casale project upon reclassification of the project’s net
assets as held-for-sale as at March 31,
2017.2 Disposition gains for the three months ended
March 31, 2018 primarily relate to the gain on the sale of a
non-core royalty asset at Acacia.3 Significant tax
adjustments for the three months ended March 31, 2018
primarily relate to a tax audit of Pueblo Viejo in the Dominican
Republic.4 Calculated using weighted average number of
shares outstanding under the basic method of earnings per
share.
ENDNOTE 2
“Free cash flow” is a non-GAAP financial
performance measure which deducts capital expenditures from net
cash provided by operating activities. Barrick believes this
to be a useful indicator of our ability to operate without reliance
on additional borrowing or usage of existing cash. Free cash flow
is intended to provide additional information only and does not
have any standardized meaning under IFRS and may not be comparable
to similar measures of performance presented by other companies.
Free cash flow should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. Further details on these non-GAAP measures are provided in
the MD&A accompanying Barrick’s financial statements filed from
time to time on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.
Reconciliation of Net Cash Provided by Operating
Activities to Free Cash Flow
($
millions) |
For the three months ended March 31 |
|
|
|
2018 |
|
|
2017 |
|
Net cash provided by
operating activities |
$ |
507 |
|
$ |
495 |
|
Capital
expenditures |
|
(326 |
) |
|
(334 |
) |
Free cash
flow |
$ |
181 |
|
$ |
161 |
|
ENDNOTE 3
Cost of sales applicable to gold per ounce is
calculated using cost of sales applicable to gold on an
attributable basis (removing the non-controlling interest of 40%
Pueblo Viejo and 36.1% Acacia from cost of sales), divided by
attributable gold ounces. Cost of sales applicable to copper per
pound is calculated using cost of sales applicable to copper
including our proportionate share of cost of sales attributable to
equity method investments (Zaldívar and Jabal Sayid), divided by
consolidated copper pounds (including our proportionate share of
copper pounds from our equity method investments).
ENDNOTE 4
“Cash costs” per ounce and “All-in sustaining
costs” per ounce are non-GAAP financial performance measures. “Cash
costs” per ounce starts with cost of sales applicable to gold
production, but excludes the impact of depreciation, the
non-controlling interest of cost of sales, and includes by-product
credits. “All-in sustaining costs” per ounce begin with “Cash
costs” per ounce and add further costs which reflect the additional
costs of operating a mine, primarily sustaining capital
expenditures, general & administrative costs, minesite
exploration and evaluation costs, and reclamation cost accretion
and amortization. Barrick believes that the use of “cash costs” per
ounce and “all-in sustaining costs” per ounce will assist
investors, analysts and other stakeholders in understanding the
costs associated with producing gold, understanding the economics
of gold mining, assessing our operating performance and also our
ability to generate free cash flow from current operations and to
generate free cash flow on an overall Company basis. “Cash costs”
per ounce and “All-in sustaining costs” per ounce are intended to
provide additional information only and do not have any
standardized meaning under IFRS. Although a standardized definition
of all-in sustaining costs was published in 2013 by the World Gold
Council (a market development organization for the gold industry
comprised of and funded by 25 gold mining companies from around the
world, including Barrick), it is not a regulatory organization, and
other companies may calculate this measure differently. These
measures should not be considered in isolation or as a substitute
for measures prepared in accordance with IFRS. Further details on
these non-GAAP measures are provided in the MD&A accompanying
Barrick’s financial statements filed from time to time on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Gold Cost of Sales to
Cash costs, All-in sustaining costs and All-in costs, including on
a per ounce basis
($
millions, except per ounce information in dollars) |
|
For the three months ended March 31 |
|
|
Footnote |
|
2018 |
|
|
2017 |
|
Cost of sales
applicable to gold production |
|
$ |
1,046 |
|
$ |
1,238 |
|
Depreciation |
|
|
(298 |
) |
|
(385 |
) |
By-product credits |
|
|
(36 |
) |
|
(41 |
) |
Realized
(gains)/losses on hedge and non-hedge derivatives |
1 |
|
— |
|
|
— |
|
Non-recurring items |
2 |
|
(7 |
) |
|
— |
|
Other |
3 |
|
(21 |
) |
|
(20 |
) |
Non-controlling interests (Pueblo Viejo and Acacia) |
4 |
|
(72 |
) |
|
(81 |
) |
Cash
costs |
|
$ |
612 |
|
$ |
711 |
|
General & administrative costs |
|
|
48 |
|
|
72 |
|
Minesite exploration and evaluation costs |
5 |
|
6 |
|
|
7 |
|
Minesite sustaining capital expenditures |
6 |
|
231 |
|
|
262 |
|
Rehabilitation - accretion and amortization (operating sites) |
7 |
|
19 |
|
|
17 |
|
Non-controlling interest, copper operations and other |
8 |
|
(55 |
) |
|
(61 |
) |
All-in
sustaining costs |
|
$ |
861 |
|
$ |
1,008 |
|
Project exploration and evaluation and project costs |
5 |
|
67 |
|
|
68 |
|
Community relations costs not related to current operations |
|
|
1 |
|
|
1 |
|
Project capital expenditures |
6 |
|
100 |
|
|
56 |
|
Rehabilitation - accretion and amortization (non-operating
sites) |
7 |
|
8 |
|
|
3 |
|
Non-controlling interest and copper operations |
8 |
|
(5 |
) |
|
(7 |
) |
All-in
costs |
|
$ |
1,032 |
|
$ |
1,129 |
|
Ounces
sold - equity basis (000s ounces) |
9 |
|
1,071 |
|
|
1,305 |
|
Cost of
sales per ounce |
10,11 |
$ |
878 |
|
$ |
833 |
|
Cash costs per
ounce |
11 |
$ |
573 |
|
$ |
545 |
|
Cash
costs per ounce (on a co-product basis) |
11,12 |
$ |
596 |
|
$ |
568 |
|
All-in sustaining costs
per ounce |
11 |
$ |
804 |
|
$ |
772 |
|
All-in
sustaining costs per ounce (on a co-product basis) |
11,12 |
$ |
827 |
|
$ |
795 |
|
All-in costs per
ounce |
11 |
$ |
963 |
|
$ |
865 |
|
All-in
costs per ounce (on a co-product basis) |
11,12 |
$ |
986 |
|
$ |
888 |
|
- Realized (gains)/losses on hedge and non-hedge
derivatives
Includes realized hedge losses of $1 million for the three
months ended March 31, 2018 (2017: $6 million), and
realized non-hedge gains of $1 million for the three months
ended March 31, 2018 (2017: $6 million). Refer to Note 5 to
the quarterly Financial Statements for further information.
- Non-recurring items
Non-recurring items in 2018 relate to abnormal costs at Porgera
as a result of the February 2018 earthquake in Papua New
Guinea. These costs are not indicative of our cost of
production and have been excluded from the calculation of cash
costs.
- Other
Other adjustments for the three months ended March 31, 2018
include adding the cost of treatment and refining charges of $nil
(2017: $1 million) and the removal of cash costs and by-product
credits associated with our Pierina mine, which is mining
incidental ounces as it enters closure, of $21 million (2017:
$21 million).
- Non-controlling interests (Pueblo Viejo and
Acacia)
Non-controlling interests include non-controlling interests
related to gold production of $106 million for the three months
ended March 31, 2018 (2017: $116 million). Refer to Note 5 to
the quarterly Financial Statements for further information.
- Exploration and evaluation
costs
Exploration, evaluation and project expenses are presented as
minesite sustaining if it supports current mine operations and
project if it relates to future projects. Refer to page 28 of
Barrick's first quarter MD&A.
- Capital expenditures
Capital expenditures are related to our gold sites only and are
presented on a 100% accrued basis. They are split between minesite
sustaining and project capital expenditures. Project capital
expenditures are distinct projects designed to increase the net
present value of the mine and are not related to current
production. Significant projects in the current year are stripping
at Cortez Crossroads, the Range Front declines, the Goldrush
exploration declines and construction of the third shaft at
Turquoise Ridge). Refer to page 27 of Barrick's first quarter
MD&A.
- Rehabilitation—accretion and
amortization
Includes depreciation on the assets related to rehabilitation
provisions of our gold operations and accretion on the
rehabilitation provision of our gold operations, split between
operating and non-operating sites.
- Non-controlling interest and copper
operations
Removes general & administrative costs related to
non-controlling interests and copper based on a percentage
allocation of revenue. Also removes exploration, evaluation and
project expenses, rehabilitation costs and capital expenditures
incurred by our copper sites and the non-controlling interest of
our Acacia and Pueblo Viejo operating segments and South Arturo.
Figures remove the impact of Pierina. The impact is summarized as
the following:
($
millions) |
For the three months ended March 31 |
|
Non-controlling interest, copper operations and other |
|
2018 |
|
|
2017 |
|
General &
administrative costs |
$ |
(7 |
) |
$ |
(9 |
) |
Minesite exploration
and evaluation expenses |
|
— |
|
|
(1 |
) |
Rehabilitation -
accretion and amortization (operating sites) |
|
(1 |
) |
|
(3 |
) |
Minesite
sustaining capital expenditures |
|
(47 |
) |
|
(48 |
) |
All-in sustaining costs total |
$ |
(55 |
) |
$ |
(61 |
) |
Project exploration and
evaluation and project costs |
|
(3 |
) |
|
(6 |
) |
Project
capital expenditures |
|
(2 |
) |
|
(1 |
) |
All-in costs total |
$ |
(5 |
) |
$ |
(7 |
) |
- Ounces sold - equity basis
Figures remove the impact of Pierina as the mine
is currently going through closure.
- Cost of sales per ounce
Figures remove the cost of sales impact of Pierina of $32
million for the three month periods ended March 31, 2018
(2017: $34 million), as the mine is currently going through
closure. Cost of sales per ounce excludes non-controlling interest
related to gold production. Cost of sales applicable to gold per
ounce is calculated using cost of sales on an attributable basis
(removing the non-controlling interest of 40% Pueblo Viejo and
36.1% Acacia from cost of sales), divided by attributable gold
ounces.
- Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining
costs per ounce and all-in costs per ounce may not calculate based
on amounts presented in this table due to rounding.
- Co-product costs per
ounce
Cash costs per ounce, all-in sustaining costs per ounce and
all-in costs per ounce presented on a co-product basis removes the
impact of by-product credits of our gold production (net of
non-controlling interest) calculated as:
($
millions) |
For the three months ended March 31 |
|
|
|
2018 |
|
|
2017 |
|
By-product
credits |
$ |
36 |
|
$ |
41 |
|
Non-controlling interest |
|
(11 |
) |
|
(8 |
) |
By-product credits (net of non-controlling interest) |
$ |
25 |
|
$ |
33 |
|
ENDNOTE 5
“C1 cash costs” per pound and “All-in sustaining
costs” per pound are non-GAAP financial performance measures. “C1
cash costs” per pound is based on cost of sales but excludes the
impact of depreciation and royalties and includes treatment and
refinement charges. “All-in sustaining costs” per pound begins with
“C1 cash costs” per pound and adds further costs which reflect the
additional costs of operating a mine, primarily sustaining capital
expenditures, general & administrative costs and
royalties. Barrick believes that the use of “C1 cash costs” per
pound and “all-in sustaining costs” per pound will assist
investors, analysts, and other stakeholders in understanding the
costs associated with producing copper, understanding the economics
of copper mining, assessing our operating performance, and also our
ability to generate free cash flow from current operations and to
generate free cash flow on an overall Company basis. “C1 cash
costs” per pound and “All-in sustaining costs” per pound are
intended to provide additional information only, do not have any
standardized meaning under IFRS, and may not be comparable to
similar measures of performance presented by other companies. These
measures should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS.
Further details on these non-GAAP measures are provided in the
MD&A accompanying Barrick’s financial statements filed from
time to time on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.
Reconciliation of Copper Cost of Sales
to C1 cash costs and All-in sustaining costs, including on a per
pound basis
($
millions, except per pound information in dollars) |
For the three months ended March 31 |
|
|
|
2018 |
|
|
2017 |
|
Cost of sales |
$ |
96 |
|
$ |
82 |
|
Depreciation/amortization |
|
(19 |
) |
|
(14 |
) |
Treatment
and refinement charges |
|
31 |
|
|
32 |
|
Cash cost
of sales applicable to equity method investments |
|
63 |
|
|
61 |
|
Less:
royalties and production taxes1 |
|
(10 |
) |
|
(7 |
) |
By-product credits |
|
(2 |
) |
|
— |
|
C1 cash cost of sales |
$ |
159 |
|
$ |
154 |
|
General & administrative costs |
|
5 |
|
|
3 |
|
Rehabilitation - accretion and amortization |
|
5 |
|
|
2 |
|
Royalties
and production taxes1 |
|
10 |
|
|
7 |
|
Minesite
exploration and evaluation costs |
|
— |
|
|
— |
|
Minesite sustaining capital expenditures |
|
42 |
|
|
37 |
|
All-in sustaining costs |
$ |
221 |
|
$ |
203 |
|
Pounds
sold - consolidated basis (millions pounds) |
|
85 |
|
|
93 |
|
Cost of sales per pound2,3 |
$ |
2.07 |
|
$ |
1.73 |
|
C1 cash cost per pound2 |
$ |
1.88 |
|
$ |
1.65 |
|
All-in sustaining costs per pound2 |
$ |
2.61 |
|
$ |
2.19 |
|
1 Royalties and production taxes include royalties of
$9 million (2017: $7 million).2 Cost of sales per pound,
C1 cash costs per pound and all-in sustaining costs per pound may
not calculate based on amounts presented in this table due to
rounding.3 Cost of sales applicable to copper per pound
is calculated using cost of sales including our proportionate share
of cost of sales attributable to equity method investments
(Zaldívar and Jabal Sayid), divided by consolidated copper pounds
(including our proportionate share of copper pounds from our equity
method investments).
ENDNOTE 6
These amounts are presented on the same basis as
our guidance and include our 60% share of Pueblo Viejo and South
Arturo, our 63.9% share of Acacia and our 50% share of Zaldívar and
Jabal Sayid.
ENDNOTE 7
Includes both minesite sustaining and mine
development.
ENDNOTE 8
Project capital expenditures are included in our
calculation of all-in costs, but not included in our calculation of
all-in sustaining costs.
ENDNOTE 9
This is a non-GAAP financial performance measure
with no standardized meaning under IFRS and therefore may not be
comparable to similar measures presented by other issuers. For
further information and a detailed reconciliation of each non-GAAP
measure to the most directly comparable IFRS measure, please see
pages 44 to 55 of Barrick's first quarter MD&A.
ENDNOTE 10
Includes $112 million of cash, primarily
held at Acacia, which may not be readily deployed.
ENDNOTE 11
Amount excludes capital leases and includes
Acacia (100% basis).
ENDNOTE 12
Barrick’s share.
ENDNOTE 13
For additional detail regarding Turquoise Ridge,
see the Technical Report on the Turquoise Ridge Mine, State of
Nevada, U.S.A., dated March 19, 2018, and filed on SEDAR at
www.sedar.com and EDGAR at www.sec.gov on March 23,
2018.ENDNOTE 14
Estimated in accordance with National Instrument
43-101 as required by Canadian securities regulatory authorities.
Estimates are as of December 31, 2017, unless otherwise noted.
Goldrush probable reserves of 5.7 million tonnes grading 8.12 g/t,
representing 1.5 million ounces of gold. Goldrush measured
resources of 140,000 tonnes grading 10.44 g/t, representing 47,000
ounces of gold, and indicated resources 31.4 million tonnes grading
9.27 g/t, representing 9.4 million ounces of gold. Complete mineral
reserve and mineral resource data for all mines and projects
referenced in this press release, including tonnes, grades, and
ounces, can be found on pages 29-39 of Barrick’s Annual Information
Form for the year ended December 31, 2017.
ENDNOTE 15
For additional detail regarding Cortez, see the
Technical Report on the Cortez Joint Venture Operations, Lander and
Eureka Counties, State of Nevada, U.S.A., dated March 21, 2016, and
filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March
28, 2016.ENDNOTE 16Fourmile Significant
Intercepts1
Core Drill Hole2 |
Azimuth |
Dip |
Interval (m) |
Width (m)3 |
Au (g/t) |
GRC-0427D |
NA |
-90 |
666.9-672.7 |
5.8 |
10.9 |
695.3-709.6 |
14.3 |
31.8 |
921.4-927.2 |
5.8 |
49.6 |
GRC-0435D |
NA |
-90 |
702.2-707.4 |
5.2 |
14.4 |
FM16-01D |
NA |
-90 |
|
|
no significant intercept |
FM16-04D |
NA |
-90 |
609.9-611.4 |
1.5 |
5.95 |
616-617.5 |
1.5 |
5.6 |
FM16-05D |
NA |
-90 |
705.6-714.0 |
8.4 |
30.6 |
FM16-10D |
357 |
-77 |
730.6-733.6 |
3 |
5.7 |
FM17-01D |
275 |
-87 |
866.9-870.5 |
3.6 |
6.1 |
FM17-01DW1 |
300 |
-86 |
867.1-868.8 |
1.7 |
25.0 |
870.4-871.4 |
1 |
55.4 |
FM17-02W1 |
66 |
-77 |
|
|
no significantintercept |
FM17-03D |
70 |
-88 |
1178.6-1183.5 |
4.9 |
11.46 |
FM17-04D |
282 |
-83 |
|
|
no significantintercept |
FM17-05D |
278 |
-80 |
1132.4-1135.9 |
3.5 |
17.6 |
FM17-06AW1 |
96 |
-84 |
996.1-996.9 |
0.8 |
37 |
FM17-07D |
90 |
-85 |
684.2-687.9 |
3.7 |
10.3 |
FM17-11D |
82 |
-82 |
696.4-730.1 |
33.7 |
13.3 |
FM17-12W1 |
5 |
-81 |
736.8-741.4 |
4.6 |
19.9 |
856.8-862.6 |
5.8 |
10.9 |
FM17-13D |
324 |
-82 |
652.9-660.8 |
7.9 |
12.4 |
662.2-664.6 |
2.4 |
9.8 |
FM17-14D |
49 |
-79 |
812.1-821.9 |
9.8 |
16.6 |
870.5-873.6 |
3.1 |
9.97 |
FM17-15D |
21 |
-82 |
689.9-692.5 |
2.6 |
15.7 |
FM17-16D |
92 |
-82 |
|
|
no significantintercept |
FM17-17D |
133 |
-81 |
706.8-709.3 |
2.4 |
18.25 |
FM17-18D |
267 |
-84 |
|
|
no significantintercept |
FM18-11D |
6 |
-81 |
|
|
no significantintercept |
FM18-15D |
0 |
-78 |
878.1-887-2 |
9.1 |
40.9 |
FM18-21D |
173 |
-82 |
712.6-714.1 |
1.52 |
13.45 |
1 All significant intercepts calculated using a
5.0 g/t Au cutoff and are uncapped; internal dilution is less than
20% total width.2 Nomenclature for drillholes (i.e., FM18-021D) is
described by FM (i.e., Fourmile) followed by the year (i.e., 18 for
2018).3 True width of intercepts are uncertain at this stage.
The drilling results for the Fourmile property
contained in this press release have been prepared in accordance
with National Instrument 43-101 – Standards of Disclosure for
Mineral Projects. All drill hole assay information has been
manually reviewed and approved by staff geologists and re-checked
by the project manager. Sample preparation and analyses are
conducted by an independent laboratory. Procedures are employed to
ensure security of samples during their delivery from the drill rig
to the laboratory. The quality assurance procedures, data
verification and assay protocols used in connection with drilling
and sampling on the Fourmile property conform to industry accepted
quality control methods.ENDNOTE 17Operating unit
guidance ranges for production reflect expectations at each
individual operating unit, but do not necessarily add up to the
corporate-wide guidance range total.
ENDNOTE 18As at March 31,
2018, utilizing option collar strategies, the Company has protected
the downside on approximately 30 million pounds of expected
copper production for the second quarter of 2018 at an average
floor price of $2.83 per pound and can participate in the upside on
the same amount up to an average of $3.25 per pound. Our
remaining copper production is subject to market prices.
ENDNOTE 19
Due to our hedging activities, which are
reflected in these sensitivities, we are partially protected
against changes in these factors.
Key Statistics
Barrick Gold
Corporation |
|
|
(in United States
dollars) |
Three months ended March 31, |
|
|
2018 |
|
2017 |
Financial
Results (millions) |
|
|
Revenues |
$ |
1,790 |
$ |
1,993 |
Cost of sales |
|
1,152 |
|
1,342 |
Net earnings1 |
|
158 |
|
679 |
Adjusted net
earnings2 |
|
170 |
|
162 |
Adjusted EBITDA2 |
|
796 |
|
919 |
Total capital
expenditures - sustaining3 |
|
231 |
|
262 |
Total project capital
expenditures3 |
|
100 |
|
56 |
Net cash provided by
operating activities |
|
507 |
|
495 |
Free cash flow2 |
|
181 |
|
161 |
Per share data
(dollars) |
|
|
Net
earnings (basic and diluted) |
|
0.14 |
|
0.58 |
Adjusted
net earnings (basic)2 |
$ |
0.15 |
$ |
0.14 |
Weighted
average diluted common shares (millions) |
|
1,167 |
|
1,166 |
Operating
Results |
|
|
Gold production
(thousands of ounces)4 |
|
1,049 |
|
1,309 |
Gold sold (thousands of
ounces)4 |
|
1,071 |
|
1,305 |
Per ounce data |
|
|
Average
spot gold price |
$ |
1,329 |
$ |
1,219 |
Average
realized gold price2,4 |
|
1,332 |
|
1,220 |
Cost of
sales (Barrick’s share)4,5 |
|
878 |
|
833 |
All-in
sustaining costs2,4 |
|
804 |
|
772 |
Cash
costs2,4 |
$ |
573 |
$ |
545 |
Copper production
(millions of pounds)6 |
|
85 |
|
95 |
Copper sold (millions
of pounds)6 |
|
85 |
|
93 |
Per pound data |
|
|
Average
spot copper price |
$ |
3.16 |
$ |
2.65 |
Average
realized copper price2,6 |
|
2.98 |
|
2.76 |
Cost of
sales (Barrick’s share)6,7 |
|
2.07 |
|
1.73 |
C1 cash
costs2,6 |
|
1.88 |
|
1.65 |
All-in sustaining costs2,6 |
$ |
2.61 |
$ |
2.19 |
|
As at March 31, |
As at December 31, |
|
|
2018 |
|
2017 |
Financial
Position (millions) |
|
|
Cash and
equivalents |
$ |
2,384 |
$ |
2,234 |
Working
capital (excluding cash) |
$ |
1,158 |
$ |
1,184 |
1 |
Net earnings represents
net earnings attributable to the equity holders of the
Company. |
2 |
Adjusted net earnings,
adjusted EBITDA, free cash flow, adjusted net earnings per share,
realized gold price, all-in sustaining costs, cash costs and
realized copper price are non-GAAP financial performance measures
with no standardized meaning under IFRS and therefore may not be
comparable to similar measures presented by other issuers. For
further information and a detailed reconciliation of each non-GAAP
measure to the most directly comparable IFRS measure, please see
pages 44 to 55 of this MD&A. |
3 |
Amounts presented on a
consolidated accrued basis. Project capital expenditures are
included in our calculation of all-in costs, but not included in
our calculation of all-in sustaining costs. |
4 |
Includes Acacia on a
63.9% basis, Pueblo Viejo on a 60% basis, South Arturo on a 60%
basis, and Veladero on a 50% basis from July 1, 2017 onwards, which
reflects our equity share of production and sales. |
5 |
Cost of sales per ounce
(Barrick’s share) is calculated as cost of sales - gold on an
attributable basis excluding Pierina divided by gold ounces
sold. |
6 |
Amounts reflect
production and sales from Jabal Sayid and Zaldívar on a 50% basis,
which reflects our equity share of production, and Lumwana. |
7 |
Cost of sales per pound
(Barrick’s share) is calculated as cost of sales - copper plus our
equity share of cost of sales attributable to Zaldívar and Jabal
Sayid divided by copper pounds sold. |
Production and Cost Summary
|
Production |
|
Three months ended March 31, |
|
|
2018 |
|
2017 |
Gold (equity
ounces (000s)) |
|
|
Barrick
Nevada1 |
|
471 |
|
521 |
Turquoise
Ridge |
|
46 |
|
55 |
Pueblo
Viejo2 |
|
141 |
|
143 |
Veladero3 |
|
74 |
|
151 |
Lagunas
Norte |
|
66 |
|
88 |
Acacia4 |
|
77 |
|
140 |
Other
Mines - Gold5 |
|
174 |
|
211 |
Total |
|
1,049 |
|
1,309 |
|
|
|
Copper (equity pounds (millions))6 |
|
85 |
|
95 |
|
Cost of Sales per unit (Barrick’s
share) |
|
Three months ended March 31, |
|
|
2018 |
|
2017 |
Gold Cost
of Sales per ounce ($/oz)7 |
|
|
Barrick
Nevada |
$ |
844 |
$ |
916 |
Turquoise
Ridge |
|
720 |
|
680 |
Pueblo
Viejo |
|
683 |
|
694 |
Veladero |
|
1,036 |
|
846 |
Lagunas
Norte |
|
542 |
|
573 |
Acacia |
|
941 |
|
816 |
Total |
$ |
878 |
$ |
833 |
|
|
|
Copper Cost of Sales per pound ($/lb)8 |
$ |
2.07 |
$ |
1.73 |
|
All-in sustaining costs9 |
|
Three months ended March 31, |
|
|
2018 |
|
2017 |
Gold
All-in Sustaining Costs ($/oz) |
|
|
Barrick
Nevada1 |
$ |
690 |
$ |
694 |
Turquoise
Ridge |
|
709 |
|
714 |
Pueblo Viejo2 |
|
571 |
|
541 |
Veladero3 |
|
1,008 |
|
890 |
Lagunas
Norte |
|
496 |
|
428 |
Acacia4 |
|
976 |
|
934 |
Total |
$ |
804 |
$ |
772 |
|
|
|
Copper All-in Sustaining Costs ($/lb)6 |
$ |
2.61 |
$ |
2.19 |
1 |
Reflects production and
sales from Goldstrike, Cortez, and South Arturo on a 60% basis,
which reflects our equity share. |
2 |
Reflects production and
sales from Pueblo Viejo on a 60% basis, which reflects our equity
share. |
3 |
Reflects production and
sales from Veladero on a 50% basis from July 1, 2017 onwards, which
reflects our equity share. |
4 |
Reflects production and
sales from Acacia on a 63.9% basis, which reflects our equity
share. |
5 |
Other Mines - Gold
includes Golden Sunlight, Hemlo, Porgera on a 47.5% basis and
Kalgoorlie on a 50% basis. |
6 |
Reflects production and
sales from Lumwana, and Jabal Sayid and Zaldívar on a 50% basis,
which reflects our equity share. |
7 |
Cost of sales per ounce
(Barrick’s share) is calculated as cost of sales - gold on an
attributable basis excluding Pierina divided by gold equity ounces
sold. |
8 |
Cost of sales per pound
(Barrick’s share) is calculated as cost of sales - copper plus our
equity share of cost of sales attributable to Zaldívar and Jabal
Sayid divided by copper pounds sold. |
9 |
All-in sustaining costs
is a non-GAAP financial performance measure with no standardized
meaning under IFRS and therefore may not be comparable to similar
measures presented by other issuers. For further information and a
detailed reconciliation of this non-GAAP measure to the most
directly comparable IFRS measure, please see pages 44 to 55 of our
first quarter MD&A. |
Consolidated Statements of Income
Barrick
Gold Corporation(in millions of United States dollars, except per
share data) (Unaudited) |
Three months ended March 31, |
|
|
|
2018 |
|
|
2017 |
|
Revenue (notes 5 and 6) |
$ |
1,790 |
|
$ |
1,993 |
|
Costs and
expenses (income) |
|
|
Cost of sales (notes 5
and 7) |
|
1,152 |
|
|
1,342 |
|
General and
administrative expenses |
|
48 |
|
|
72 |
|
Exploration, evaluation
and project expenses |
|
73 |
|
|
75 |
|
Impairment (reversals)
charges (notes 9B and 13) |
|
2 |
|
|
(1,125 |
) |
Loss on currency
translation (note 9C) |
|
15 |
|
|
3 |
|
Closed mine
rehabilitation |
|
(9 |
) |
|
8 |
|
Income from equity
investees (note 12) |
|
(16 |
) |
|
(11 |
) |
Gain on non-hedge
derivatives |
|
(2 |
) |
|
(4 |
) |
Other
expense (note 9A) |
|
1 |
|
|
2 |
|
Income before
finance costs and income taxes |
$ |
526 |
|
$ |
1,631 |
|
Finance
costs, net |
|
(133 |
) |
|
(150 |
) |
Income before
income taxes |
$ |
393 |
|
$ |
1,481 |
|
Income
tax expense (note 10) |
|
(201 |
) |
|
(592 |
) |
Net income |
$ |
192 |
|
$ |
889 |
|
Attributable
to: |
|
|
Equity holders of
Barrick Gold Corporation |
$ |
158 |
|
$ |
679 |
|
Non-controlling interests |
$ |
34 |
|
$ |
210 |
|
|
|
|
Earnings per
share data attributable to the equity holders of Barrick Gold
Corporation (note 8) |
|
|
Net income |
|
|
Basic |
$ |
0.14 |
|
$ |
0.58 |
|
Diluted |
$ |
0.14 |
|
$ |
0.58 |
|
The notes to these unaudited condensed interim financial
statements, which are contained in the First Quarter Report 2018
available on our website are an integral part of these consolidated
financial statements.
Consolidated Statements of Comprehensive
Income
Barrick
Gold Corporation(in millions of United States dollars)
(Unaudited) |
Three months ended March 31, |
|
|
|
2018 |
|
|
2017 |
|
Net income |
$ |
192 |
|
$ |
889 |
|
Other
comprehensive income (loss), net of taxes |
|
|
Movement in
equity investments fair value reserve: |
|
|
Net unrealized change
on equity investments, net of tax $nil and $nil |
|
(4 |
) |
|
1 |
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
Unrealized gains
(losses) on derivatives designated as cash flow hedges, net of tax
($3) and $nil |
|
6 |
|
|
(12 |
) |
Realized losses on
derivatives designated as cash flow hedges, net of tax $nil and
$nil |
|
— |
|
|
1 |
|
Currency
translation adjustments, net of tax $nil and $nil |
|
— |
|
|
11 |
|
Total other comprehensive income |
|
2 |
|
|
1 |
|
Total comprehensive income |
$ |
194 |
|
$ |
890 |
|
Attributable
to: |
|
|
Equity holders of
Barrick Gold Corporation |
$ |
160 |
|
$ |
680 |
|
Non-controlling interests |
$ |
34 |
|
$ |
210 |
|
The notes to these unaudited condensed interim financial
statements, which are contained in the First Quarter Report 2018
available on our website are an integral part of these consolidated
financial statements.
Consolidated Statements of Cash Flow
Barrick Gold Corporation (in millions of United States
dollars) (Unaudited) |
Three months ended March 31, |
|
|
|
2018 |
|
|
2017 |
|
OPERATING
ACTIVITIES |
|
|
Net income |
$ |
192 |
|
$ |
889 |
|
Adjustments for the
following items: |
|
|
Depreciation |
|
325 |
|
|
414 |
|
Finance
costs |
|
138 |
|
|
153 |
|
Impairment (reversals) charges (note 13) |
|
2 |
|
|
(1,125 |
) |
Income
tax expense (note 10) |
|
201 |
|
|
592 |
|
(Gain)
loss on sale of non-current assets/investments |
|
(46 |
) |
|
3 |
|
Currency
translation losses |
|
15 |
|
|
3 |
|
Change in working
capital (note 11) |
|
(176 |
) |
|
(196 |
) |
Other
operating activities (note 11) |
|
(64 |
) |
|
(84 |
) |
Operating cash flows
before interest and income taxes |
|
587 |
|
|
649 |
|
Interest paid |
|
(28 |
) |
|
(35 |
) |
Income
taxes paid |
|
(52 |
) |
|
(119 |
) |
Net cash provided by operating activities |
|
507 |
|
|
495 |
|
INVESTING
ACTIVITIES |
|
|
Property, plant and
equipment |
|
|
Capital expenditures (note 5) |
|
(326 |
) |
|
(334 |
) |
Sales proceeds |
|
2 |
|
|
7 |
|
Investment
purchases |
|
(1 |
) |
|
— |
|
Sale of mineral
royalty |
|
45 |
|
|
— |
|
Funding
of equity method investments |
|
(4 |
) |
|
(4 |
) |
Net cash used in investing activities |
|
(284 |
) |
|
(331 |
) |
FINANCING
ACTIVITIES |
|
|
Debt |
|
|
Repayments |
|
(23 |
) |
|
(180 |
) |
Dividends |
|
(31 |
) |
|
(31 |
) |
Funding from
non-controlling interests |
|
8 |
|
|
— |
|
Disbursements to
non-controlling interests |
|
(26 |
) |
|
(67 |
) |
Net cash used in financing activities |
|
(72 |
) |
|
(278 |
) |
Effect of exchange rate changes on cash and
equivalents |
|
(1 |
) |
|
2 |
|
Net increase (decrease)
in cash and equivalents |
|
150 |
|
|
(112 |
) |
Cash and equivalents at the beginning of
period |
|
2,234 |
|
|
2,389 |
|
Cash and equivalents at the end of period |
$ |
2,384 |
|
$ |
2,277 |
|
The notes to these unaudited condensed interim financial
statements, which are contained in the First Quarter Report 2018
available on our website are an integral part of these consolidated
financial statements.
Consolidated Balance Sheets
Barrick Gold Corporation (in millions of United States
dollars) (Unaudited) |
As at March 31, |
|
As at December 31, |
|
|
|
2018 |
|
|
2017 |
|
ASSETS |
|
|
Current assets |
|
|
Cash and equivalents (note 14A) |
$ |
2,384 |
|
$ |
2,234 |
|
Accounts receivable |
|
173 |
|
|
239 |
|
Inventories |
|
1,887 |
|
|
1,890 |
|
Other current assets |
|
352 |
|
|
321 |
|
Total current
assets |
$ |
4,796 |
|
$ |
4,684 |
|
Non-current assets |
|
|
Equity in investees (note 12) |
|
1,233 |
|
|
1,213 |
|
Property, plant and equipment |
|
13,755 |
|
|
13,806 |
|
Goodwill |
|
1,330 |
|
|
1,330 |
|
Intangible assets |
|
255 |
|
|
255 |
|
Deferred income tax assets |
|
1,071 |
|
|
1,069 |
|
Non-current portion of inventory |
|
1,711 |
|
|
1,681 |
|
Other assets |
|
1,245 |
|
|
1,270 |
|
Total assets |
$ |
25,396 |
|
$ |
25,308 |
|
LIABILITIES AND
EQUITY |
|
|
Current
liabilities |
|
|
Accounts payable |
$ |
1,046 |
|
$ |
1,059 |
|
Debt (note 14B) |
|
57 |
|
|
59 |
|
Current income tax liabilities |
|
340 |
|
|
298 |
|
Other current liabilities |
|
255 |
|
|
331 |
|
Total current
liabilities |
$ |
1,698 |
|
$ |
1,747 |
|
Non-current
liabilities |
|
|
Debt (note 14B) |
|
6,344 |
|
|
6,364 |
|
Provisions |
|
3,078 |
|
|
3,141 |
|
Deferred income tax liabilities |
|
1,319 |
|
|
1,245 |
|
Other liabilities |
|
1,691 |
|
|
1,744 |
|
Total liabilities |
$ |
14,130 |
|
$ |
14,241 |
|
Equity |
|
|
Capital stock (note 16) |
$ |
20,897 |
|
$ |
20,893 |
|
Deficit |
|
(11,572 |
) |
|
(11,759 |
) |
Accumulated other comprehensive loss |
|
(167 |
) |
|
(169 |
) |
Other |
|
321 |
|
|
321 |
|
Total equity attributable to Barrick Gold Corporation
shareholders |
$ |
9,479 |
|
$ |
9,286 |
|
Non-controlling interests |
|
1,787 |
|
|
1,781 |
|
Total equity |
$ |
11,266 |
|
$ |
11,067 |
|
Contingencies and commitments (notes 5 and 17) |
|
|
Total liabilities and equity |
$ |
25,396 |
|
$ |
25,308 |
|
The notes to these unaudited condensed interim financial
statements, which are contained in the First Quarter Report 2018
available on our website are an integral part of these consolidated
financial statements.
Consolidated Statements of Changes in
Equity
Barrick
Gold Corporation |
|
Attributable to equity holders of the company |
|
|
(in
millions of United States dollars) (Unaudited) |
CommonShares (in thousands) |
|
Capital stock |
|
Retained deficit |
|
Accumulatedothercomprehensive income(loss)1 |
|
Other2 |
|
Total equityattributable to shareholders |
|
Non-controlling interests |
|
Total equity |
|
At December 31, 2017 |
1,166,577 |
|
$ |
20,893 |
|
$ |
(11,759 |
) |
$ |
(169 |
) |
$ |
321 |
|
$ |
9,286 |
|
$ |
1,781 |
|
$ |
11,067 |
|
Impact of
adopting IFRS 15 on January 1, 2018 (note 2B) |
— |
|
|
— |
|
|
64 |
|
|
— |
|
|
— |
|
|
64 |
|
|
— |
|
|
64 |
|
At January 1, 2018 (restated) |
1,166,577 |
|
$ |
20,893 |
|
$ |
(11,695 |
) |
$ |
(169 |
) |
$ |
321 |
|
$ |
9,350 |
|
$ |
1,781 |
|
$ |
11,131 |
|
Net
income |
— |
|
|
— |
|
|
158 |
|
|
— |
|
|
— |
|
|
158 |
|
|
34 |
|
|
192 |
|
Total
other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Total comprehensive income |
— |
|
|
— |
|
|
158 |
|
|
2 |
|
|
— |
|
|
160 |
|
|
34 |
|
|
194 |
|
Transactions with owners |
|
|
|
|
|
|
|
|
Dividends |
— |
|
|
— |
|
|
(31 |
) |
|
— |
|
|
— |
|
|
(31 |
) |
|
— |
|
|
(31 |
) |
Funding
from non-controlling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
|
|
8 |
|
Other
decrease in non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(36 |
) |
|
(36 |
) |
Dividend reinvestment plan (note 16) |
316 |
|
|
4 |
|
|
(4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total
transactions with owners |
316 |
|
|
4 |
|
|
(35 |
) |
|
— |
|
|
— |
|
|
(31 |
) |
|
(28 |
) |
|
(59 |
) |
At March 31, 2018 |
1,166,893 |
|
$ |
20,897 |
|
$ |
(11,572 |
) |
$ |
(167 |
) |
$ |
321 |
|
$ |
9,479 |
|
$ |
1,787 |
|
$ |
11,266 |
|
|
|
|
|
|
|
|
|
|
At January 1, 2017 |
1,165,574 |
|
$ |
20,877 |
|
$ |
(13,074 |
) |
$ |
(189 |
) |
$ |
321 |
|
$ |
7,935 |
|
$ |
2,378 |
|
$ |
10,313 |
|
Net
income |
— |
|
|
— |
|
|
679 |
|
|
— |
|
|
— |
|
|
679 |
|
|
210 |
|
|
889 |
|
Total
other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Total comprehensive income |
— |
|
|
— |
|
|
679 |
|
|
1 |
|
|
— |
|
|
680 |
|
|
210 |
|
|
890 |
|
Transactions with owners |
|
|
|
|
|
|
|
|
Dividends |
— |
|
|
— |
|
|
(31 |
) |
|
— |
|
|
— |
|
|
(31 |
) |
|
— |
|
|
(31 |
) |
Funding
from non-controlling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other
decrease in non-controlling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(90 |
) |
|
(90 |
) |
Dividend reinvestment plan |
201 |
|
|
4 |
|
|
(4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total transactions with owners |
201 |
|
|
4 |
|
|
(35 |
) |
|
— |
|
|
— |
|
|
(31 |
) |
|
(90 |
) |
|
(121 |
) |
At March 31, 2017 |
1,165,775 |
|
$ |
20,881 |
|
$ |
(12,430 |
) |
$ |
(188 |
) |
$ |
321 |
|
$ |
8,584 |
|
$ |
2,498 |
|
$ |
11,082 |
|
1 |
Includes cumulative
translation losses at March 31, 2018: $73 million
(March 31, 2017: $71 million). |
2 |
Includes additional
paid-in capital as at March 31, 2018: $283 million
(December 31, 2017: $283 million; March 31, 2017:
$283 million) and convertible borrowings - equity component as at
March 31, 2018: $38 million (December 31, 2017:
$38 million; March 31, 2017: $38 million). |
The notes to these unaudited condensed interim
financial statements, which are contained in the First Quarter
Report 2018 available on our website are an integral part of these
consolidated financial statements.
HEAD OFFICEBarrick Gold
CorporationBrookfield PlaceTD Canada Trust Tower161 Bay
Street, Suite 3700Toronto, Ontario M5J 2S1
Telephone: +1 416 861-9911Toll-free:
1-800-720-7415Fax: +1 416 861-2492Email:
investor@barrick.comWebsite: www.barrick.com
SHARES
LISTEDABXThe New York Stock ExchangeThe
Toronto Stock Exchange
TRANSFER AGENTS AND
REGISTRARSAST Trust Company (Canada)P.O.
Box 700, Postal Station BMontreal, Quebec H3B
3K3orAmerican Stock Transfer & Trust Company,
LLC6201 – 15 AvenueBrooklyn, New York 11219
Telephone: 1-800-387-0825Fax:
1-888-249-6189Email: inquiries@astfinancial.comWebsite:
www.astfinancial.com
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy
LloydSenior Vice PresidentCommunicationsTelephone: +1 416
307-7414Email: alloyd@barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “believe”, “expect”,
“anticipate”, “target”, “plan”, “objective”, “assume”, “aspire”,
“intend”, “project”, “pursue”, “goal”, “continue”, “budget”,
“estimate”, “potential”, “may”, “will”, “can”, “should”, “could”,
“would” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to: (i) Barrick’s forward-looking production guidance;
(ii) estimates of future cost of sales per ounce for gold and
per pound for copper, all-in-sustaining costs per
ounce/pound, cash costs per ounce, and C1 cash costs per pound;
(iii) our ability to continue to grow free cash flow;
(iv) projected capital, operating, and exploration
expenditures; (v) the timing required to negotiate and develop
a detailed proposal with the Government of Tanzania related to the
operations of Acacia Mining plc (“Acacia”) in Tanzania for review
by Acacia; (vi) the estimated timing for permitting and a record of
decision at Cortez Deep South; (vii) the timing for
construction, engineering and permitting at Goldrush; (viii) the
adjustment of Barrick’s closure plan for surface infrastructure on
the Chilean side of the Pascua-Lama project and continued
evaluation of de-risking opportunities; (ix) targeted debt and cost
reductions; (x) mine life and production rates;
(xi) potential mineralization and metal or mineral recoveries;
(xii) our pipeline of high confidence projects at or near
existing operations; (xiii) the potential impact and benefits
of Barrick’s ongoing digital transformation; (xiv) the
potential to identify new reserves and resources, and our ability
to convert resources into reserves; (xv) asset sales, joint
ventures, and partnerships; and (xvi) expectations regarding
future price assumptions, financial performance, and other outlook
or guidance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risks associated with the fact that
certain Best-in-Class initiatives are still in the early
stages of evaluation, and additional engineering and other analysis
is required to fully assess their impact; risks associated with the
ongoing implementation of Barrick’s digital transformation
initiative, and the ability of the projects under this initiative
to meet the Company’s capital allocation objectives; the duration
of the Tanzanian ban on mineral concentrate exports; the ultimate
terms of any definitive agreement between Acacia and the Government
of Tanzania to resolve a dispute relating to the imposition of the
concentrate export ban and allegations by the Government of
Tanzania that Acacia under-declared the metal content of
concentrate exports from Tanzania; the status of certain
tax re-assessments by the Tanzanian government; the
manner in which amendments to the 2010 Mining Act (Tanzania)
increasing the royalty rate applicable to metallic minerals such as
gold, copper and silver to 6% (from 4%), the new Finance Act
(Tanzania) imposing a 1% clearing fee on the value of all minerals
exported from Tanzania from July 1, 2017 and the new Mining
Regulations announced by Government of Tanzania in January 2018
will be implemented and the impact of these and other legislative
changes on Acacia; whether Acacia will approve the terms of any
final agreement reached between Barrick and the Government of
Tanzania with respect to the dispute between Acacia and the
Government of Tanzania; the benefits expected from recent
transactions being realized; diminishing quantities or grades of
reserves; increased costs, delays, suspensions and technical
challenges associated with the construction of capital projects;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges and
disruptions in the maintenance or provision of required
infrastructure and information technology systems; failure to
comply with environmental and health and safety laws and
regulations; timing of receipt of, or failure to comply with,
necessary permits and approvals; uncertainty whether some or all of
the Best-in-Class initiatives, targeted investments and
projects will meet the Company’s capital allocation objectives and
internal hurdle rate; the impact of global liquidity and credit
availability on the timing of cash flows and the values of assets
and liabilities based on projected future cash flows; adverse
changes in our credit ratings; the impact of inflation;
fluctuations in the currency markets; changes in U.S. dollar
interest rates; risks arising from holding derivative instruments;
changes in national and local government legislation, taxation,
controls or regulations and/ or changes in the administration of
laws, policies and practices, expropriation or nationalization of
property and political or economic developments in Canada, the
United States, and other jurisdictions in which the Company or its
affiliates do or may carry on business in the future; lack of
certainty with respect to foreign legal systems, corruption and
other factors that are inconsistent with the rule of law; damage to
the Company’s reputation due to the actual or perceived occurrence
of any number of events, including negative publicity with respect
to the Company’s handling of environmental matters or dealings with
community groups, whether true or not; the possibility that future
exploration results will not be consistent with the Company’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; risk of loss due to acts of
war, terrorism, sabotage and civil disturbances; litigation and
legal and administrative proceedings; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; business
opportunities that may be presented to, or pursued by, the Company;
risks associated with the fact that certain of the initiatives
described in this press release are still in the early stages and
may not materialize; our ability to successfully integrate
acquisitions or complete divestitures; risks associated with
working with partners in jointly controlled assets; employee
relations including loss of key employees; increased costs and
physical risks, including extreme weather events and resource
shortages, related to climate change; availability and increased
costs associated with mining inputs and labor; and the organization
of our previously held African gold operations and properties under
a separate listed Company. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations,
pressures, cave-ins, flooding and gold bullion, copper
cathode or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent
Form 40- F/Annual Information Form on file with the SEC
and Canadian provincial securities regulatory authorities for a
more detailed discussion of some of the factors underlying
forward-looking statements and the risks that may affect Barrick’s
ability to achieve the expectations set forth in the
forward-looking statements contained in this press release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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