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    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-08-17 pm EDT
21.21 CAD   -2.03%
02:00pGOLD BRIEF : December Gold Settled Down US$13, or 0.7%, to settle at $1,776.70/oz; Third Successive Day of Losses
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Higher costs, inflation choke AngloGold's first-half profit

08/05/2022 | 02:15am EDT
FILE PHOTO: Small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration

JOHANNESBURG (Reuters) - AngloGold Ashanti's first-half earnings slumped 18% even as production increased, as inflation took a toll on its profit with the gold miner warning on Friday that costs were scaling towards the top end of its annual forecast range.

The South Africa-based miner's first-half production increased 3%, compared with the same period last year, putting the miner on track to meet its outlook for 2022.

Still, headline earnings per share, the main profit measure in South Africa, came in at 71 U.S. cents, down 18% from a year-ago period. Total cash costs were up 6% at $1,068 per ounce, from the same period last year.

The company, which mines in Argentina, Australia, Brazil, Democratic Republic of Congo, Ghana, Guinea, and Tanzania, produced 1.233 million ounces of gold in the first half, with second-quarter output up 10% from the first quarter due to higher grades.

The increase in costs was driven by "accelerating inflation across several input categories" and bigger royalty payments due to higher gold prices, AngloGold said.

"The fundamentals of our company continue to improve, despite the challenging cost environment," Chief Executive Officer Alberto Calderon said.

Adjusted net debt fell 13% to $740 million from last year, free cash flow came in at $471 million due to cash distributions received from its Kibali mine in Congo, a joint venture operated by Barrick Gold Corp.

(Reporting by Helen Reid; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANGLOGOLD ASHANTI LIMITED -1.89% 256.25 End-of-day quote.-22.04%
BARRICK GOLD CORPORATION -2.03% 21.21 Delayed Quote.-9.98%
DOW JONES AFRICA TITANS 50 INDEX -1.22% 463.31 Real-time Quote.-12.26%
DOW JONES SOUTH AFRICA(ZAR) 0.01% 1997.99 Real-time Quote.1.10%
EURO / ARGENTINE PESO (EUR/ARS) 0.12% 138.0391 Delayed Quote.17.10%
EURO / BRAZILIAN REAL (EUR/BRL) 0.15% 5.2651 Delayed Quote.-18.35%
GOLD 0.05% 1766.07 Delayed Quote.-2.79%
S&P AFRICA 40 INDEX -0.22% 152.64 Real-time Quote.-11.26%
S&P GSCI GOLD INDEX 0.25% 1037.03 Real-time Quote.-2.13%
SILVER 0.02% 19.8267 Delayed Quote.-13.07%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 135.53 Delayed Quote.31.02%
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Analyst Recommendations on BARRICK GOLD CORPORATION
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Financials (USD)
Sales 2022 11 724 M - -
Net income 2022 1 726 M - -
Net cash 2022 596 M - -
P/E ratio 2022 13,9x
Yield 2022 4,56%
Capitalization 29 057 M 29 057 M -
EV / Sales 2022 2,43x
EV / Sales 2023 2,32x
Nbr of Employees 17 500
Free-Float 99,4%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 16,41 $
Average target price 23,60 $
Spread / Average Target 43,8%
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Managers and Directors
Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer
John Lawson Thornton Co-Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
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