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SMALL BUSINESS
Barrick prices debt, offers production estimates
By The Associated Press
, AP
-Canadian gold mining company Barrick Gold Corp. said a subsidiary priced $1.25 billion in debt. The company also offered gold production estimates for 2009 and 2010.
Barrick Australia Finance Pty. said late Tuesday the debt offering consists of $400 million of 4.95 percent notes due 2020 and $850 million of 5.95 percent notes due 2039. The offering is expected to close on or about Oct. 16.
The company said the proceeds will be used to reduce the liability related to its floating spot-price gold contracts.
In addition, Barrick said it expects 2009 gold production to be 7.2 million to 7.6 million ounces at total cash costs of $450 to $475 per ounce. The company expects 2010 gold production to increase to 7.7 million to 8.1 million ounces at lower total cash costs.
Shares of Barrick Gold rose 15 cents to $40.05 in premarket trading on Wednesday. The stock closed Tuesday at $39.90 and has traded between $17.27 and $42.10 in the last 52 weeks.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-14 09:03:31
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