As expected, the decline in gold prices over the last twelve months negatively impacted the company’s results. However, Barrick’s ongoing efforts to reduce operating costs partially offset the impact of weak gold prices on earnings. The company’s adjusted net earnings declined by nearly 62% year-over-year to $60 million in Q2 2015. The key takeaway from the earnings conference call was the management’s intention to continue to reduce operating costs as the company battles a subdued gold pricing environment. As a result of the company’s cost reduction initiatives, the management remains confident about operating profitably even if gold prices fall to levels of $900 per ounce.
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