Reducing debt, maintaining discipline among Barrick’s priorities: president

TORONTO – Barrick Gold (TSX:ABX) says it will focus on maximizing its free cash flow, reducing debt and maintaining investment discipline in the year ahead.

Company president Kelvin Dushnisky told Barrick’s annual meeting Tuesday that the gold mining giant will also work on transforming its business to better use technology.

Barrick shares were down C$2.47 or nearly 10 per cent, in afternoon trading at C$23.24, a day after it announced first-quarter results that were below analysts’ expectations.

Barrick reported after markets closed Monday that it earned a profit of US$679 million during its first quarter compared with a loss of US$83 million a year ago.

The company also revised its production outlook for gold to between 5.3 and 5.6 million ounces, down from 5.6 to 5.9 million ounces previously.

Barrick says the revision was due largely to the fact that it is selling a 50 per cent stake in its Veladero mine in Argentina.

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