-- 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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