Barrick Is ‘Nicely on Track’ to Meet Its Debt Target for 2017
The company has reduced debt by about $1.23 billion so far this year, and is on track for $1.45 billion in total by the end of 2017, Dushnisky said at the Denver Gold Forum, an annual industry conference being held in Colorado Springs.
Barrick is in the midst of a multiyear strategy to cut costs and sell assets to lower its debt. The gold miner is looking to end 2017 with $6.4 billion of debt, the lowest since early 2010, according to a report last month from Bloomberg Intelligence. The company has set a goal of $5 billion in total debt by the end of 2018, a level that was last reached in 2008. For 2018, the company has a target of a further $1.45 billion in debt reduction. Asked if that goal is achievable without more asset sales, Dushnisky said “we’ll see.” Barrick is planning to use a “combination of cash on the balance sheet, cash flow, potential divestments if they make sense,” to reach its goal, he said. "We’re not forced to do anything,” Dushnisky said referring to asset sales. “If the situation arose where there was a strong price for something, we’d consider it."
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