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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (3508)	8/2/2006 4:11:39 PM
From: russet	Read Replies (1) \| Respond to of 3558

The earnings show Placer's hedge book is gone LOL! Barrick Reports Record Earnings and Cash Flow; Legacy Placer Dome Gold Hedge Position Eliminated TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2006) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX)(EURONEXT PARIS:ABX) - SECOND QUARTER REPORT 2006 - AUGUST 2, 2006 Based on US GAAP and expressed in US dollars For a full explanation of results, the Financial Statements and Management Discussion & Analysis, and mine statistics, please see the Company's website, www.barrick.com/Investors/Annual&QuarterlyReports/. Highlights - Q2 net income was $459 million ($0.53 per share) and operating cash flow was $643 million ($0.73 per share), both Company records and substantially higher than the prior-year period's net income of $47 million ($0.09 per share) and operating cash flow of $101 million ($0.19 per share). - Equity gold production was 2.1 million ounces at total cash costs of $281 per ounce(1), and copper production was 100 million pounds at total cash costs of $0.76 per pound(1). The Company expects gold production for the second half of 2006 to increase due to stronger operating performances. - During Q2, the remaining legacy Placer Dome gold hedge position was eliminated. Year-to-date, the Company has reduced its corporate gold sales position by a total of 7.7 million ounces. - During Q2, Barrick concluded the sale of four Placer Dome mines and other agreed interests to Goldcorp Inc. for net cash proceeds of approximately $1.6 billion. - The Company is on track to meet its full-year gold production guidance of 8.6 - 8.9 million ounces at total cash costs of $275 - $290 per ounce, and has revised upwards its copper production guidance from 350 million pounds to 370 million pounds and is maintaining total cash costs guidance of about $0.75 - $0.80 per pound. - On July 24, 2006, Barrick announced all-cash offers for NovaGold Resources Inc. and Pioneer Metals Corporation in order to consolidate the ownership to 100% of the Donlin Creek project and add Galore Creek to its unrivalled project pipeline. Barrick Gold Corporation today reported net income of $459 million ($0.53 per share) for second quarter 2006, up significantly from net income of $47 million ($0.09 per share) in the year-earlier period. Second quarter 2006 net income was positively impacted by $30 million ($0.03 per share) of special items (see page 9 of Management's Discussion and Analysis for further details). Operating cash flow for second quarter 2006 was $643 million ($0.73 per share), compared with the prior-year period of $101 million ($0.19 per share). "As gold and copper prices rose in the second quarter, our operating margins expanded and had a direct positive impact on our bottom line," said Greg Wilkins, President and CEO. "The result was record earnings and cash flow per share."