-- Net earnings were $242 million, or $0.28 per share, compared to net earnings of $101 million, or $0.12 per share, for the fourth quarter of 2016. Operating cash flows for the fourth quarter of 2017 were $511 million compared to $239 million for the same period in the prior year. Adjusted operating cash flows were $401 million((1)) for the fourth quarter of 2017 compared to $306 million for the same period in the prior year. -- Gold production of 646,000 ounces at all-in sustaining costs ("AISC") of $870 per ounce, compared to 761,000 ounces at AISC of $747 per ounce for the fourth quarter of 2016((1)). Gold production in 2017 exceeded the midpoint of the Company's gold production guidance of 2.5 million ounces, while AISC of $824 per ounce for 2017 was in line with the Company's improved midpoint guidance of $825((2) )per ounce, reflecting the progress the Company has made on its sustainable efficiency program. -- Program to implement $250 million of sustainable annual efficiencies by the middle of 2018 is on track with nearly $200 million achieved in 2017 across the Company's portfolio. More than 100% of the $250 million of efficiencies have been identified, with the program likely to be extended and the efficiency target increased, after the Company achieves its current target. -- Solid reserve growth and project execution enhances confidence in the Company's 20/20/20 growth plan. An increase in proven and probable gold mineral reserves to 53.5 million ounces, plus strong project delivery of expansions at Pe?asquito, Musselwhite and Porcupine (Borden) underpin our plan for a 20% increase in gold production, a 20% increase in gold reserves and a 20% reduction in AISC by 2021, while delivering increasing cash flows over the next four years. The Company also launched 'Beyond 20/20', investing in its long-term portfolio, including the Century, NuevaUni?n and Norte Abierto projects, to continue to grow low-cost gold production from the Company's growing gold mineral reserves.
FINANCIAL AND OPERATING RESULTS
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