Barrick Gold Q2 Loss Narrows

(RTTNews) - Toronto-based Barrick Gold Corp. (ABX, ABX.TO) said second-quarter net loss of $269 million or $0.23 per share, compared to a net loss of $8.56 billion or $8.55 per share in the prior year quarter.

Adjusted net earnings were $159 million or $0.14 per share include an impairment charge of $514 million related to the Jabal Sayid copper project, compared to $663 million or $0.66 per share in the prior year period. The decrease was primarily due to lower realized gold and copper prices and lower gold and copper sales volumes.

On average, 20 analysts polled by Thomson Reuters expected earnings of $0.16 per share. Analysts estimates typically exclude special items.

Revenue declined to $2.432 billion from $3.201 billion. Analysts expected revenues of $2.47 billion.

Gold production declined to 1.485 million ounces from 1.811 million ounces. Copper production was 67 million pounds, compared to 134 million pounds last year.

Barrick Gold also announced that its board of directors has declared a dividend for the quarter of $0.05 per share, payable on September 15, 2014 to shareholders of record at the close of business on August 29, 2014.

Looking ahead to 2014, the company still expects copper output in the range of 410-440 million pounds.

"Second quarter all-in sustaining costs of $865 per ounce in a lower production quarter clearly demonstrate our ongoing and relentless focus on companywide cost management," said outgoing CEO Mr. Sokalsky in a statement.

"The commitment by our mine managers to cost reduction and capital efficiency has allowed us to lower our midyear operating and capital cost guidance for the second year in a row", Sokalsky added.

The company now projects all-in sustaining costs of $900 to $940 an ounce for 2014.