Barrick Gold’s Q2 Results Disappoint

The Financial Post reported that Barrick Gold Corp. (TSX:ABX) lowered its long-term production outlook after releasing disappointing Q2 results. The results include a 50 to 60 percent increase in projected capital costs for the company’s Pascua-Lama project.

“These revisions are very disappointing to me and my team,” [CEO Jamie] Sokalsky said on a conference call. He added that Barrick made a mistake in trying to build this complex project on its own rather than using a contractor.

Mr. Sokalsky said his focus will be on generating better returns by producing more profitable ounces, rather than maximizing production.

Click here to read the full report from the Financial Post.