ABG16 Feb 2012 07:36
reliminary Results for the 12 months ended 31 December 2011 (Unaudited)
Based on IFRS and expressed in US Dollars (US$)
African Barrick Gold plc ("ABG") reports full year 2011 results
> Strong earnings growth supports trebling of proposed final dividend
Financial Highlights
· Revenue of US$1,218 million, up 25% on 2010.
· EBITDA2 of US$544 million, up 30% on 2010.
· Record cash margin2 of US$895 per ounce, an increase of 33% on 2010.
· Net profit attributable to owners of US$275 million, with EPS of US67.0 cents, up 26% on 2010.
· Operational cash flow of US$498 million, an increase of 44% on 2010.
· Cash position of US$584 million as at 31 December 2011.
· Proposed final dividend of US13.1 cents per share; total dividend for 2011 of US16.3 cents per share, up 208% on 2010.
Operational Highlights
· Attributable gold sales1 for the year of 699,539 ounces (Group sales1 of 724,574 ounces), a 3% decrease on 2010.
· Attributable gold production1 of 688,278 ounces (Group production1 of 713,508 ounces), 2% below 2010 production.
· Increase in full year production at Bulyanhulu, Buzwagi and Tulawaka, with lower production at North Mara due to the planned focus on waste stripping.
· Cash costs2 of US$692 per ounce, an increase of 22% on 2010 due principally to a combination of industry cost inflation, increased diesel usage and higher headcount.
· Launch of the ABG Development (Maendeleo) Fund, the largest community development fund in Tanzania.
· Highly successful drilling campaign at Nyanzaga led to a fourfold increase in the in-pit Mineral Resource at the Tusker deposit to 3.5Moz Au Indicated and 0.6Moz Au Inferred.