Barrick Gold (NYSE:ABX, TSE:ABX) on Wednesday provided support for its rocketing 2016 share price performance with the release of strong fourth quarter and full year financial and operating results that showed positive cash flow, headway in reducing the company’s massive debt pile and continued cost-cutting.
The Toronto-based company has a falling production profile with 2015 the last year the company will produce more than 6 million ounces of gold. By 2018 output could fall below 5 million ounces although the company states it “expects to maintain annual production of at least 4.5 million ounces of gold through 2020”. Highlights of last year include:
After falling to its lowest since 1989 in September, the recent run-up in the value of Barrick stock brings the world’s top gold producer’s gains since the start of the year to an astonishing 61%. At a market value of $13.1 billion in New York, the Toronto-based company is the most valuable gold mining company in the world.