Barrick Aims Annual Gold Production Of At Least 4.5 Mln Ounces Through 2020

(RTTNews) - Barrick Gold Corp. (ABX, ABX.TO) announced, in 2016, the company expects to produce 5.0-5.5 million ounces of gold at all-in sustaining costs of $775-$825 per ounce. For 2017, the company expects to produce 5.0-5.5 million ounces of gold at all-in sustaining costs of $740-$790 per ounce. In 2018, the company expects to produce 4.6-5.1 million ounces of gold at all-in sustaining costs of $725-$775 per ounce.

Barrick Gold expects to maintain annual production of at least 4.5 million ounces of gold through 2020. The company aims to achieve all-in sustaining costs below $700 per ounce by 2019.

Barrick reported production for the full year 2015 of 6.12 million ounces of gold, in line with its revised outlook for the year. All-in sustaining costs in 2015 were $831 per ounce, below original guidance of $860-$895 per ounce, and at the low end of revised outlook of $830-$870 per ounce.

In 2015, the company reduced its total debt by 24 percent, or $3.1 billion, exceeding original target of $3 billion. In 2016, the company intends to reduce total debt by at least $2 billion. In the medium term, Barrick aims to reduce debt to below $5 billion.