Tanzania's largest gold miner African Barrick Gold PLC said it is aiming to produce between 540,000 and 600,000 troy ounces of gold in 2013 at a total cash cost, including royalties, of between $925 and $975 an ounce.
The company reported a 9% drop in attributable gold output to 626,212 ounces in 2012 at a cash cost of $949 an ounce, broadly in line with its revised lower guidance.
The FTSE 250 company reported net profits of $48.2m for 2012 – down from $284.7m the year before.Revenues fell from $1.2bn to $1.1bn, while the cost of sales rose from $704.1m to $802.7m.
In a statement, the company mainly attributed the fourth quarter loss to impairment charges on its planned closure of the Tulawaka gold mine, which is coming to the end of its life and might ontribute less output this year.
The company reported a net loss despite a 1%-on-year rise in fourth-quarter revenue to $287.9 million and a 0.5% rise in gold volume sales to 159,585 troy ounces.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, a key earnings metric watched by analysts, dropped 34.4% to $75.57 million as cash costs rose 23% on year to $958 a troy ounce.
African Barrick said it is now aiming to produce between 540,000 and 600,000 troy ounces of gold in 2013 at a total cash cost, including royalties, of between $925 and $975 an ounce.
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