African Barrick Q1 Results
19 April 2012
Based on IFRS and expressed in US Dollars (US$)
African Barrick Gold plc ("ABG'') reports first quarter results
Full year guidance maintained, results reflect expected lower grades
Revenue of US$268 million, in line with Q1 2011.
Cash margin2 of US$772 per ounce, an increase of 5% on Q1 2011.
The expected impact of lower production levels due to mine sequencing led to:
EBITDA2 of US$90 million, down 15% on Q1 2011.
Net income of US$35 million, with EPS of US8.6 cents, down 30% on Q1 2011.
Operational cash flow of US$56 million, a decrease of 36% on Q1 2011.
Net cash position of US$581 million as at 31 March 2012.
Attributable gold production1 of 144,643 ounces (Group production1 of 149,432
ounces), down 17% on Q1 2011 primarily as a result of the ongoing waste
stripping at North Mara and reduced head grade at Buzwagi as planned.
Cash cost per ounce sold2 of US$925, an increase of 41% on Q1 2011, primarily
due to the combination of a lower production base and increased energy costs.
Significant exploration success at Nyanzaga, with a total in-pit resource now
in excess of 4.6 million ounces ("Moz").
Continued progress on our pipeline of organic growth projects.