Read below an article on African Barrick Gold Mine cutting costs with no foreseeable end.
AFRICAN BARRICK GOLD MINE NOT DONE CUTTING COSTS
African Barrick Gold Mine, a Tanzanian focused mine, has beat it’s production guidance for 2013 whilst cutting costs in their fourth quarter, and have since pledged to do more to improve their operational efficiency.
African Barrick Gold Mine is a FTSE 250 company, and is planning to switch to using a $1300 gold price for it’s calculation from $1500. A lower gold price will mean a cut in reserves at their Bulyanhulu project.
African Barrick Gold Mine produced 641 931 oz gold last year, beating it’s estimated 7% guidance on strong performance, both from it’s North Mara and Buzwagi mines.
African Barrick Gold Mine is starting to gain credibility in the market with their fourth quarter cash costs sold at $744/oz, which was well below the projected 2013 guidance of $925/oz to $975/oz. Canaccord analysts believe these results are stronger than expected, whereas others are merely pleased.
The African Barrick Gold Mine share price has more than doubled since hitting a low last June. Gordon would put his focus on the African Barrick Gold mine, Bulyanhulu, and plans on putting all his attention on drilling, blasting, hauling and mulling.
Like many precious metal miners, African Barrick Gold Mine is battling to turn a profit after it was recorded that gold had a steep price fall last year, and it has still not recovered.
Many producers are prompted to shelve projects, reduce overheads and put non-core assets on the block since the price of gold is over 20% lower than at this time in 2013.
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