S&P Upgrades Barrick to BBB with Stable Outlook
22 März 2018 - 9:30PM
All amounts expressed in U.S. dollars
Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (Barrick or the
“Company”) today reported that S&P Global Ratings (“S&P”)
has upgraded Barrick’s long-term corporate credit rating to BBB
from BBB-, with a stable outlook. The follows a similar upgrade to
Baa2 by Moody’s Investors Service on March 1.
In a press release announcing the upgrade,
S&P cited the “improvement in Barrick’s financial risk profile
following sustained strength in the company’s earnings and cash
flow over the past two years alongside material debt repayment.”
Highlighting the Company’s cost profile, S&P noted, “Barrick’s
cash cost position, estimated in the mid-US$500/ounce area (net of
byproduct revenues) in 2018, is in the lower half of the industry
cost curve and more advantageous than that of most of its closest
competitors over the past few years.”
Over the past three years, Barrick has reduced
its total debt by more than 50 percent, from $13.1 billion at
the start of 2015, to $6.4 billion at the end of 2017. The
Company’s goal remains to reduce total debt to around $5 billion by
the end of 2018, primarily by using cash flow from operations and
cash on hand, and potentially through further portfolio
optimization. Barrick will continue to pursue debt reduction with
discipline, taking only those actions that make sense for the
business, on terms favorable to the Company’s shareholders.
At the end of the fourth quarter, Barrick had a
consolidated cash balance of approximately $2.2 billion. The
Company has less than $100 million in debt due before 2020.1 More
than three-quarters of Barrick’s outstanding total debt of $6.4
billion does not mature until after 2032.
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy
Lloyd Senior Vice PresidentCommunicationsTelephone: +1 416
307-7414Email: alloyd@barrick.com
ENDNOTE
- Amount excludes capital leases and includes Acacia (100%
basis).
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “goal”, “potential”, “will”,
and similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to targeted debt
reductions and the means of achieving such reductions.
Forward-looking statements are necessarily based upon a number of
assumptions, including material assumptions considered reasonable
by Barrick as at the date of this press release in light of
management’s experience and perception of current conditions and
expected developments, and are inherently subject to significant
business, economic, and competitive uncertainties and
contingencies.
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned not to put undue reliance on forward-looking
statements which are not guarantees of future events, and speak
only as of the date made. All of the forward-looking statements
made in this press release are qualified by these cautionary
statements. Specific reference is made to the most recent Form
40-F/Annual Information Form on file with the SEC and Canadian
provincial securities regulatory authorities for a more detailed
discussion of some of the factors underlying forward-looking
statements and the risks that may affect Barrick’s ability to
achieve the expectations set forth in the forward-looking
statements contained in this press release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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