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From Stifel todayBarrick Gold (ABX-TSX, C$20.17, Buy; Target C$35.25) - Q2 results — guidance maintained, but gold costs now expected at the upper-end or slightly exceeding guidance ranges - Ingrid Rico: ABX reported Q2 full operating and financial results after pre-reporting production of 1.04Moz of gold and 120M lbs of copper. Headline adj. EPS $0.24 came ahead of our forecast of $0.21 and consensus of $0.22, but we view the variance as largely driven by non-operating adjustments. Overall, 2022 production and cost guidance were maintained, however gold cash costs and AISC are expected at the higher-end or slightly exceeding corresponding ranges.This is not surprising and our estimates already reflect this (we were, however, expecting ABX to formally adjust cost ranges higher this quarter). YTD, gold total cash costs and AISC are tracking +$54/oz and +$68/oz above the top end of guidance ranges. As previously highlighted, ABX is expecting a better H2 for production and cost, with Q4 expected to be the strongest quarter, largely from mine sequencing at Cortez, Phoenix, and Tongon. |
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