Coral Gold Resources Announces Joint Venture Deal with Barrick Gold for Gold Ridge Property in Nevada
Mar 6 14
Coral Gold Resources announced an option and joint venture deal with Barrick Gold for its Gold Ridge property in Nevada. Under the terms of the deal, Barrick has the right to earn up to a 60% interest in the asset, in exchange for spending $12 million on exploration over a five year period. Barrick also will have the option to increase its stake by an additional 15% for a total undivided 75% interest by preparing a scoping study. Once Barrick exercises its options, a 60/40 or 75/25 split joint venture will be established to further explore the property. The Gold Ridge property is made up of 107 claims covering about 2.5 square miles, next to the western side of the Robertson claim block in north central Nevada on the Cortez Gold Trend.
Barrick Gold Mulls Acquisitions
Feb 24 14
Barrick Gold Corporation (TSX:ABX) is seeking acquisitions. Jamie Sokalsky, President and Chief Executive Officer of Barrick Gold said, "I think we are in a better position to look at acquisitions, but the priority now is to continue to run the business well."
Barrick Gold Corporation Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Production and Financial Guidance for the Year 2014; Announces Impairment Charges
Feb 13 14
Barrick Gold Corporation announced unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2013. Fourth quarter 2013 adjusted net earnings attributable to equity holders of the company were $0.41 billion or $0.37 per share compared to $1.16 billion or $1.16 per share reported in the prior-year period. Net loss for the fourth quarter was $2.83 billion or $2.61 per basic and diluted share compared to a net loss of $3.01 billion or $3.01 per basic and diluted share reported in the prior-year quarter. Fourth quarter operating cash flow of $1.02 billion compares to $1.85 billion in the prior-year period. Adjusted operating cash flow of $1.09 billion compares to $1.93 billion in the prior-year period. Revenues were $2.9 billion against $4.15 billion reported last year.
For the year, the company reported revenues of $12.5 billion compared to $14.4 billion reported in the same period last year. Net loss attributable to equity holders of the company was $10.4 billion or $10.14 per basic and diluted share against $538 million or $0.54 per basic and diluted share reported last year. Adjusted net earnings were $2.6 billion or $2.51 per basic share against $4 billion or $3.95 per basic share reported last year. Operating cash flow was $4.2 billion against $6 billion and adjusted operating cash flow was $4.4 billion against $5.7 billion reported last year. Loss before finance items and income taxes was $8,819 million against $303 million and loss before income taxes was $9,467 million against $466 million reported last year. Loss from continuing operations taxes was $10.1 billion or $9.65 per diluted share against $364 million or $0.35 per diluted share reported last year. Property, plant and equipment capital expenditures were $5.5 billion against $6.8 billion reported last year.
For the quarter, the company reported gold production of 1,713,000 ounces compared to 2,019,000 ounces produced in the same period last year. Copper production was 139 million pounds against 130 million pounds produced last year.
For the year, the company reported gold production of 7,166,000 ounces compared to 7,421,000 ounces produced in the same period last year. Copper production was 539 million pounds against 468 million pounds produced last year.
For the year, production of cortez expected in the range of 0.925-0.975 millions of ounces, production of doldstrike expected in the range of 0.865-0.915 millions of ounces, production of pueblo niejo expected in the range of 0.600-0.700 millions of ounces, production of lagunas norte expected in the range of 0.570-0.610 millions of ounces, production of veladero expected in the range of 0.650-0.700 millions of ounces, production of sub-total expected in the range of 3.800-4.000 millions of ounces. Barrick's 2014 gold cost guidance is the lowest among senior producers, with AISC expected to be $920-$980 per ounce and adjusted operating costs projected to be $590-$640 per ounce. The company anticipates 2014 gold production of 6.0-6.5 million ounces. Lower production in 2014 reflects the company's strategy to maximize free cash flow and returns over ounces, the divestment of high-cost, short-life mines, lower production from Cortez, and the decision to close Pierina. These declines will be partially offset by an increase in production at Pueblo Viejo.
Total capital expenditures are expected to decrease by approximately 50% in 2014 to $2.40-$2.70 billion, a reduction of approximately $2.5 billion compared to 2013. Barrick's effective income tax rate in 2014 is expected to be about 50% based on an average gold price of $1,300 per ounce.
For the quarter, the company reported $2.82 billion in impairment charges, primarily related to Pascua-Lama, Porgera, Veladero and the Australia Pacific gold segment; and $176 million in suspension-related costs at Pascua-Lama. The company also recorded an impairment charge for the Pascua-Lama project of $896 million due to the decision to temporarily suspend construction in the fourth quarter.