Barrick No Longer Overlooked by the Market, but Lofty Gold Price Threatens Shares
2016 was a strong year for Barrick, reflecting its efforts to boost free cash flow and reduce leverage. Although production fell about 600,000 ounces to 5.5 million ounces largely due to divestments, free cash flow roughly tripled to $1.5 billion, driven by higher gold prices, cost reduction, and lower capital spending. Debt was reduced by more than $2 billion during the year, with less than $200 million due before 2019.For 2017, free cash flow and debt reduction remain the top priorities, with...
Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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