Q4 2012 Earnings Call Transcript

Transcript Call Date 02/14/2013

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Barrick Gold Q4 Results Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Thursday, February 14, 2013.

I would now like to turn the conference over to Greg Panagos. Please go ahead, Sir.

Greg Panagos - SVP, IR and Communications: Thank you, operator. Good morning, everyone and thank you for tuning into Barrick Gold's fourth quarter and full year 2012 earnings conference call. I am Greg Panagos – Senior Vice President of Investor Relations and Communications. With me today are our President and CEO, Jamie Sokalsky; our Senior Executive Vice President, Kelvin Dushnisky; our Executive VP and CFO Ammar Al-Joundi; and our Executive VP and Chief Operating Officer, Igor Gonzales; and our Senior VP of Global Exploration, Rob Krcmarov, all of whom will be available to answer questions after the presentation.

Before we begin, I would like to point out that we will be making forward-looking statements during the course of this presentation. For a complete discussion of the risks, uncertainties, and factors which may lead to our actual financial results and performance being different from the estimates contained in our forward-looking statements, please refer to our latest year-end report or our most recent AIF filing.

With that, I'll turn the call over to Jamie.

Jamie C. Sokalsky - President and CEO: Thanks, Greg and thank you, everyone for joining us today. Before I begin the presentation, I'd like acknowledge that today we announced that Igor Gonzales our COO will be retiring this year and on behalf of the entire organization I'd like to thank Igor for the tremendous contributions he has made over the years. Igor joined the Company in 1998 and served as President of the South American region until his most recent appointment as Executive Vice President and Chief Operating Officer in 2012. He played a key role in the growth of South America and has been an outstanding leader and role model to many. All of us here wish him well in his retirement. Igor intends to remain with the Company until his successor is appointed and we will immediately commence with the global search. Thank you, Igor.

So turning to the presentation, as you all know, we reported our fourth quarter and full year 2012 results and 2013 outlook today. First, I'd also like to acknowledge that 2012 was a difficult year for Barrick and no doubt disappointing for our shareholders. I can assure you that I share your disappointment. Today, I'd like to review some of the challenges we faced and how we are dealing with them head on. But also many of the accomplishments we had and the opportunities we have going forward.

In this presentation, I'll also provide an update on some of our priorities as well as the progress we have made in achieving them. We've made some significant strides in the implementation of a stricter, more disciplined approach to capital allocation, a model which continues to drive the future direction of the Company.

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