Barrick-Randgold merger grows!

Group gold production up by 8%

Net earnings per share

increased by 83%

Barrick Gold Corporation’s first quarterly results since its merger with Randgold Resources Limited (Randgold) show solid results across the board from the new group, which also reported rapid progress with the integration of the two businesses as well as with the implementation of key strategic initiatives.

While quarter on quarter comparisons are skewed by the merger, group gold production was up 8% in line with guidance, net cash from the operations rose by 27%, net earnings per share increased by 106% to $0.06, adjusted net earnings per share1 increased by 83% to $0.11, and debt, net of cash was down 12% to $3.65 billion. A dividend of $0.04 per share was declared in respect of the first quarter of 2019.

Key Performance Indicators are, 1: Integration and strategic initiatives on track across the group following Barrick-Randgold merger, 2: Nevada Joint Venture agreement signed and implementation expected by second quarter-end, 3: Group gold production up 8% quarter on quarter and in line with guidance, 4: Net cash provided by operating activities up 27% quarter on quarter, 4: Net earnings per share increases 106% quarter on quarter to $0.06.

President and Chief Executive Officer Mark Bristow said the key operations had all performed on plan and within guidance. Nevada exceeded plan as the Cortez Hills open pit ramps down, Veladero posted encouraging improvements and Pueblo Viejo progressed its expansion project and benefited from operational efficiencies. Led by Kibali, the African operations made a good start to the year and the copper operations delivered significant improvements. Key growth projects were on track and greenfields and brownfields exploration were augmenting reserves and identifying new opportunities.

“We have gone a long way towards integrating the organizations, streamlining the processes and ensuring that all the sites have the geological, operational and technical capability to meet their business objectives,” Bristow said.