Interim Results for the six months ended 30 June 2012 (Unaudited)
Based on IFRS and expressed in US Dollars (US$)
African Barrick Gold plc ("ABG'') reports half year results
Continued progress, full year guidance maintained, dividend increased
Operational Highlights
Attributable gold production1 of 297,742 ounces (Group production1 of 305,692 ounces), 14% below H1 2011, due to expected lower grade material mined at Buzwagi, waste stripping at North Mara and batch processing at Tulawaka.
Cash cost per ounce sold2 of US$938 per ounce, up 43% on H1 2011, primarily due to lower production, higher energy costs and industry wide cost pressures.
Board approved the expansion of the Carbon in Leach Circuit at Bulyanhulu.
Waste rock permits for North Mara received, critical to the expected production increase in H2 2012.
Continued success in our exploration programmes:
- Declared an in-pit gold resource of 3.75 million ounces Indicated and 0.85 million ounces Inferred at Nyanzaga.
- Delineated an additional 1 million ounce gold resource at Gokona, North Mara.
- Successfully extended Tulawaka's mine life into 2013.
Financial Highlights
- Revenue of US$534 million, down 8% on H1 2011.
- Cash margin2 of US$704 per ounce, a decrease of 13% on H1 2011.
- Impact of planned lower production levels due to mine sequencing contributed to:
- EBITDA2 of US$171 million, down 30% on H1 2011.
- Net profit of US$65 million, down 46% on H1 2011, with EPS of US15.9 cents.
- Net cash position of US$504 million as at 30 June 2012.
- Proposed interim dividend of US4.0 cents per share, up 25% on 2011.
Three months ended Six months ended African Barrick Gold plc 30 June 30 June
% %
(Unaudited) 2012 2011 change 2012 2011 change
Attributable Gold Production (ounces)1 153,099 171,950 -11% 297,742 345,857 -14%
Attributable Gold Sold (ounces)1 157,224 185,080 -15% 302,641 357,082 -15%
Cash cost per ounce sold (US$/ounce)2 950 652 46% 938 655 43%
Average realised gold price (US$/ounce)2 1,591 1,524 4% 1,642 1,461 12%
(in US$'000)
Revenue 266,930 311,760 -14% 534,467 578,387 -8%
EBITDA 2 81,381 140,072 -42% 170,939 244,927 -30%
Cash generated from operating activities 54,783 99,450 -45% 110,309 186,134 -41%
Net profit attributable to owners 29,889 69,773 -57% 65,152 120,134 -46%
Basic earnings per share (EPS) (cents) 7.3 17.0 -57% 15.9 29.3 -46%
Dividend per share (cents) 4.0 3.2 25% 4.0 3.2 25%
Operating cash flow per share (cents) 2 13.4 24.2 -45% 26.9 45.3 -41%
