{"id":8034,"date":"2012-02-16T14:08:33","date_gmt":"2012-02-16T12:08:33","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-2-2012-outlook-spoils-african-barrick-dividend-party\/"},"modified":"2012-02-16T14:08:33","modified_gmt":"2012-02-16T12:08:33","slug":"update-2-2012-outlook-spoils-african-barrick-dividend-party","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-2012-outlook-spoils-african-barrick-dividend-party\/","title":{"rendered":"UPDATE 2-2012 outlook spoils African Barrick dividend party"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* 2011 EBITDA $544 million, up 30 pct<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Total dividend 16.3 cents per share, up 208 percent<\/p>\n<p><span><\/span><\/p>\n<p>* Cash costs per ounce up 22 pct, similar increase seen for<br \/>\n2012<\/p>\n<p><span><\/span><\/p>\n<p>* Says power issues to continue, full back up power in place<br \/>\nby end of Q2<\/p>\n<p><span><\/span><\/p>\n<p>By Clara Ferreira-Marques<\/p>\n<p><span><\/span><\/p>\n<p>LONDON, Feb 16 (Reuters) &#8211; The prospect of power cuts,<br \/>\ndisappointing growth prospects and soaring costs outweighed the<br \/>\nboost from a trebled 2011 dividend in African Barrick Gold<br \/>\n results on Thursday, leaving the company&#8217;s shares more<br \/>\nthan 9 percent lower.<\/p>\n<p><span><\/span><\/p>\n<p>The Tanzania-focused company last month posted a 2 percent<br \/>\ndip in full-year production to 688,278 ounces, after outages at<br \/>\nits Buzwagi mine held back output in the final quarter. But with<br \/>\npower disruptions set to continue into 2012, it set its target<br \/>\nfor the year on Thursday at a modest 675,000 to 725,000 ounces<br \/>\n&#8212; forecasting what could be another drop.<\/p>\n<p><span><\/span><\/p>\n<p>Costs, meanwhile, jumped 22 percent on the back of industry<br \/>\nwide inflation in, for example, the cost of materials, but also<br \/>\na higher headcount and increased use of more expensive generator<br \/>\npower to keep mines working, with cash costs per ounce coming in<br \/>\nat $692. The miner forecast a similar rate of increase for 2012,<br \/>\nwith cash costs of $790 to $860 per ounce.<\/p>\n<p><span><\/span><\/p>\n<p>The soaring cost of production, the darker side of rising<br \/>\nprices in recent years, is becoming an increasingly painful<br \/>\nissue for miners globally and particularly for those in newer<br \/>\nfrontiers like West and East Africa, where activity has boomed<br \/>\nand talent and materials are in short supply.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* 2011 EBITDA $544 million, up 30 pct * Total dividend 16.3 cents per share, up 208 percent * Cash costs per ounce up 22 pct, similar increase seen for 2012 * Says power issues to continue, full back up power in place by end of Q2 By Clara Ferreira-Marques LONDON, Feb 16 (Reuters) &#8211; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8034","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8034"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8034\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}