African Barrick Gold plc first quarter 2013 results
"We have made a good start to 2013, and remain on track to achieve full year guidance, as we continue to deliver on our mine plan while progressing the Operational Review" said Greg Hawkins, Chief Executive Officer of African Barrick Gold. "North Mara and Buzwagi both delivered strong performance with the higher grade profile at North Mara and improved throughput at Buzwagi driving production levels. As anticipated, Bulyanhulu experienced a slow start to the year and we continue to expect improved performance as we move through the year and corrective measures are implemented. During the quarter we ceased mining operations at Tulawaka and are working with the Government to finalise the closure plans."
Quarterly Highlights
* Gold production1 of 146,105 ounces and gold sales of 148,232 ounces
* Cash costs2 of US$931 per ounce sold, with cash costs excluding Tulawaka of
US$893 per ounce sold
* EBITDA2 of US$81.9 million; excluding Tulawaka this amounted to US$88.8 million
* Net earnings of US$20.7 million; excluding Tulawaka this amounted to US$31.2
million
* Operational cash flow of US$57.3 million, with a cash balance of US$402 million
* Completion of US$142 million financing for the Bulyanhulu CIL expansion project
* Operational Review progressed with key initiatives identified and project plans
formulated
