Barrick to shift focus away from free cash flow as first-quarter profit falls – by Niall McGee (Globe and Mail – May 8, 2019)

A slimmed-down Barrick Gold Corp. posted a mixed earnings statement in its first quarter after closing its biggest acquisition in seven years.

With its previously high debt load now largely under control, Barrick also said in a Wednesday news release it is shifting its focus away from free cash flow to exploiting its ore bodies.

Net profit at the Toronto-based miner fell 30 per cent year over year to US$111-million from US$158-million for the period ending March 31.

On an adjusted basis, Barrick reported a profit of 11 US cents a share, 2 cents better than analysts surveyed by Refinitiv expected.

Free cash flow missed expectations, falling to US$146-million from US$181-million. All-in sustaining cost (AISC), which measures most of the costs of mining, rose to US$825-million compared to US$804-million.

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