Susan Muir, Senior Director associated with Investor Relations. Together With that inside mind, we're targeting $2 billion inside reduced paying across the Business from the finish of 2016 for you to boost cash flow, using a hard focus on our operating costs. Although these actions are generating positive results, we realize there is a lot more in which we can caused by ensure we continue to deliver free cash flow in a lower gold value environment.
Kelvin Dushnisky (Co-President):
Thank you, Susan. Adjusted net earnings had been $60 million, or even $0.05 per share.
We're needs to notice momentum building at the rear of the actual strategy we discussed earlier this year. We're optimistic concerning how the company will be doing and the results we're viewing and there's more in order to come. EBITDA had been $690 million in contrast to end up being able to $478 million per year ago, and also adjusted EBITDA had been $725 million versus $990 million inside the prior-year period. long ahead regarding the current fall within gold prices, we completed detailed scenario planning to anxiety test our company from gold costs right down to $900 per ounce. We are centered on strengthening our mine plants, decreasing spending, as well as improving productivity for you to increase totally free money flow from our operations. Pertaining To an entire discussion in the risks, uncertainties and factors which might result in our real economic results and also performance becoming distinct from the estimates contained in our forward-looking statements, please reference our newest year-end record or many recent AIF filing. Because a consequence of these actions, we generated positive free money flow inside the 2nd quarter.
Strengthening our balance sheet is truly a top priority, and in which we are making excellent progress on our credit card debt reduction target. Whenever you combine this using some associated with the best, lowest-cost gold assets within the world, we use a solid platform through which in order to create totally free cash flow even within this lower gold price environment. In Which comes even shut to negative free cash flow regarding $128 million throughout Q2 regarding 2014.
Susan Muir (Senior Director involving IR):
Thank you, operator, and also excellent morning everyone. Underpinning our operating and also economic performance has been a cultural shift to reclaim the greatest of Barrick's
original characteristics -- agility, efficiency, determination, along with accountability.
Please go ahead. This specific identified the number of actions we could just take if costs decline via existing levels.
The new money allocation framework we place in invest early 2015 offers resulted in lower capital costs as we cut or defer investing that can not meet our 15% hurdle rate.
Before we flip in order to our 2nd quarter results, I'd prefer to highlight the particular actions we took for you to ensure that our company remains resilient on this volatile gold market. Along With as you may have seen, within light associated with weaker metal prices, the Board provides chose to reduce the dividend through 60% to $0.02 for each reveal for you to conserve money and to boost our monetary flexibility. Along With we are also making cost reductions inside other areas with the business, using deeper G&A financial savings expected this year and next.
I'm here today along with our Co-President, Jim Gowans; along with our Senior Executive Vice President as well as CFO, Shaun Usmar, as well as various other members with the management team who is planning to be open to answer the questions a person have following the call. (Operator Instructions)
As the reminder, this conference can be being recorded in August 6, 2015. We in addition generated $26 million throughout free involving charge money flow within the 2nd quarter. In any GAAP basis, we recorded the net loss involving $9 million, as well as $0.01 per share.
With that, I want to turn the particular call more than Co-President, Kelvin Dushnisky.
LISTEN TO THIS TRANSCRIPT
Susan Muir; Barrick Gold Corporation; Senior Director of IR
Kelvin Dushnisky; Barrick Gold Corporation; Co-President
Shaun Usmar; Barrick Gold Corporation; Senior http://cg-conference.com
EVP & CFO
Jim Gowans; Barrick Gold Corporation; Co-President
James Gowans; Barrick Gold Corporation; Co-President
Rob Krcmarov; Barrick Gold Corporation; SVP of Global Exploration
Michael Lepore; Barrick Gold Corporation; VP & Controller
Greg Barnes; TD Securities; Analyst
Andrew Quail; Goldman Sachs; Analyst
John Bridges; JPMorgan; Analyst
Anita Soni; Credit Score Suisse; Analyst
David Haughton; BMO Richesse Markets; Analyst
Andrew Kaip; BMO Richesse Markets; Analyst
Tanya Jakusconek; Scotiabank; Analyst
Kerry Smith; Haywood Securities Inc.; Analyst
Phil Russo; Barrick Gold Corporation; Analyst
Brian MacArthur; UBS; Analyst
Chris Terry; Deutsche Bank; Analyst
Tony Lesiak; Canaccord Genuity; Analyst
MANAGEMENT DISCUSSION SECTION
Ladies along with gentlemen, many thanks with regard to standing by. Welcome to the Barrick Gold
Q2 outcomes conference call. Thank a person pertaining to joining us.
I'll now flip the conference over to Ms.
Turning for the quantities for that 2nd quarter, we produced 1.45 million ounces regarding gold in all-in sustaining costs associated with $895 per ounce, throughout collection with our expectation that Q2 will be our highest-cost quarter in the year, even as previously indicated.
The next Barrick Gold (ABX - get Report) conference call happened about August 6, 2015, 09:30 AM ET. good morning for you to everyone around the call.
Before we begin, I want to suggest out we will be creating forward-looking statements during the course of this presentation. This particular can become a transcript of this earnings call: