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illegalfas787

illegalfas787   , 45

from Wallburg

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Barrick Gold (ABX) Earnings Report: Q2 2015 Conference Call Transcript - TheStreet.com

. And Also when you will have seen, in light associated with weaker metal prices, the actual Board provides decided to decrease the dividend by simply 60% in order to $0.02 per discuss to conserve money also to increase our economic flexibility. EBITDA had been $690 million compared to end up being able to $478 million a year ago, as well as adjusted EBITDA has been $725 million versus $990 million within the prior-year period.

Before we turn to end up being able to our second quarter results, I'd like to highlight the steps we have got to become able to ensure which our company remains resilient in this volatile gold market. This is a transcript of that earnings call:

Company Individuals

Susan Muir; Barrick Gold Corporation; Senior Director associated with IR

Kelvin Dushnisky; Barrick Gold Corporation; Co-President

Shaun Usmar; Barrick Gold Corporation; Senior EVP & CFO

Jim Gowans; Barrick Gold Corporation; Co-President

James Gowans; Barrick Gold Corporation; Co-President

Rob Krcmarov; Barrick Gold Corporation; SVP involving Global Exploration

Michael Lepore; Barrick Gold Corporation; VP & Controller

Other Members

Greg Barnes; TD Securities; Analyst

Andrew Quail; Goldman Sachs; Analyst

John Bridges; JPMorgan; Analyst

Anita Soni; credit Suisse; Analyst

David Haughton; BMO capital Markets; Analyst

Andrew Kaip; BMO Money Markets; Analyst

Tanya Jakusconek; Scotiabank; Analyst

Kerry Smith; Haywood Securities Inc.; Analyst

Phil Russo; Barrick Gold Corporation; Analyst

Brian MacArthur; UBS; Analyst

Chris Terry; Deutsche Bank; Analyst

Tony Lesiak; Canaccord http://cg-conference.com Genuity; Analyst

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MANAGEMENT DISCUSSION SECTION

Operator:

Ladies and also gentlemen, many thanks for standing by. In any GAAP basis, we recorded any net loss of $9 million, as well as $0.01 per share.

Please go ahead.

I'll now turn the actual conference over to Ms. Whilst these steps are generally generating positive results, we know there's much more in which we could do in order to ensure we continue to provide free money flow in the lower gold cost environment. Along With we are in addition creating cost reductions in other locations in the business, together with deeper G&A savings expected this year along with next. We additionally generated $26 million throughout free associated with charge money flow within the 2nd quarter. As the results of these actions, we generated positive free involving charge cash flow inside the 2nd quarter.

LISTEN TO THIS TRANSCRIPT

The next Barrick Gold (ABX - Acquire Report) conference call occurred in August 6, 2015, 09:30 AM ET.

(Operator Instructions)

As the reminder, this conference will be being recorded about August 6, 2015. Adjusted net earnings had been $60 million, or $0.05 for each share.

I'm here these days with our Co-President, Jim Gowans; as well as our Senior Executive Vice President as well as CFO, Shaun Usmar, too as other members with the management team that will most likely be accessible to solution the questions anyone have after the actual call. This particular identified a group of actions we could consider if rates decline coming from present levels. Thank anyone for joining us. Whenever you combine this with a few associated with the best, lowest-cost gold assets in the world, we use a solid platform coming from which in turn to create totally free money flow even in this lower gold value environment. Underpinning our operating along with monetary performance has been the cultural shift to reclaim the actual greatest associated with Barrick's

original characteristics -- agility, efficiency, determination, along with accountability.

Susan Muir (Senior Director regarding IR):

Thank you, operator, and good morning everyone. We're optimistic with regards to the approach the Organization is performing as well as the results we're viewing then there is a lot more to come.

The new richesse allocation framework we place in devote early 2015 offers triggered lower richesse expenses even as cut or perhaps defer spending that will not meet our 15% hurdle rate.

Before we begin, I would like to point out out we is going to be generating forward-looking statements during the course of this presentation. Extended prior for you to the latest fall inside gold prices, we completed detailed scenario planning to end up being able to anxiety test our enterprise at gold prices right down to $900 per ounce. Great morning for you to everybody about the call. for a complete dialogue in the risks, uncertainties along with aspects which might lead to our real economic outcomes and also performance being distinct from the estimates contained within our forward-looking statements, please refer to our latest year-end report as well as most recent AIF filing. In Which comes even shut to negative free cash flow of $128 million throughout Q2 associated with 2014.

Kelvin Dushnisky (Co-President):

Thank you, Susan. Susan Muir, Senior Director of Investor Relations.

We're starting to observe momentum constructing behind the actual strategy we outlined earlier this year. with that in mind, we're targeting $2 billion throughout reduced paying throughout the Organization from the finish involving 2016 for you to boost money flow, using a tough focus on our operating costs.

With that, I want to turn the actual contact over Co-President, Kelvin Dushnisky.

Strengthening our stability sheet can end up being a best priority, so we have made superb progress about our financial debt reduction target. We're centered on strengthening our mine plants, reducing spending, as well as improving productivity to maximize free regarding charge money flow through our operations.

Turning towards the figures for your 2nd quarter, we produced 1.45 million ounces associated with gold in all-in sustaining costs of $895 per ounce, in series together with our expectation that Q2 could be our highest-cost quarter of the year, as we formerly indicated. Welcome for the Barrick Gold

Q2 outcomes conference call