Barrick Gold Corp. (TSX:ABX,NYSE:ABX) announced its results for both the fourth quarter of 2013 and 2013 as a whole, commenting that in Q4 it incurred a net loss of $2.83 billion, or $2.61 per share, including after-tax impairment charges of $2.82 billion. For the entirety of 2013, Barrick recorded a net loss of $10.37 billion, or $10.14 per share, including after-tax impairment charges of $11.54 billion.
The company also said that its gold reserves have declined to 104.1 million ounces, down from 140.2 million ounces at the end of 2012.
Jamie Sokalsky, president and CEO of Barrick, commented:
The disciplined capital allocation framework that we adopted in mid-2012 has been at the core of every decision we’ve made in the last year and half, and has put us in a much stronger position to deal with the challenging gold price environment our industry is facing today. Under a comprehensive plan to strengthen the company, we have become a leaner, more agile organization, better protected against further downside price risk and well positioned to take advantage of attractive investment opportunities going forward.
We have increased our focus on free cash flow and risk-adjusted returns, and successfully executed on our key priorities, which include operational excellence, a stronger balance sheet and the ongoing optimization of our asset portfolio. This required decisive action, including the temporary suspension of Pascua-Lama, and an even greater focus on generating higher returns even if that means producing fewer ounces. These were the right decisions for our shareholders and for the company, and we are now seeing the tangible benefits of our efforts.