Barrick Gold: Turnaround in the Home Stretch

David Urban submits:

Barrick Gold (ABX) is a major global gold producer. During 2010, Barrick made the decision to spin off the high cost African operations into a separately traded vehicle while continuing to retain a significant ownership stake.

Gold production for the 4th quarter came in at 1.7 million ounces and copper production of 82 million pounds. Realized prices were $1,368 per ounce and $3.99 per pound respectively.

Production for 2010 came in at 7.8 million ounces of gold at total cash costs of $457 per ounce. Net income for 2010 was $3.3 billion or $3.32 per share and adjusted operating cash flow was $4.8 billion.

Barrick increased the dividend by 20% as a sign of its strong balance sheet and confidence in the future price of gold.

Proven and probable reserves were replaced for the second year straight at 139.8 million ounces and MII reserves grew to 113.5 million ounces from

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