https://www.miningweekly.com

African Barrick Gold 2012 output, sales down

17th January 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Tanzania-focused gold producer African Barrick Gold on Thursday reported a 9% drop in 2012 full-year production to 626 212 oz, compared with 2011 output of 688 278 oz.

However, fourth-quarter gold output increased owing to improved throughput at the company’s Buzwagi operation and increased head grade at the North Mara and Buzwagi mines.

The group produced 180 684 oz of gold in the three months to December 2012 – up 13% year-on-year and 22% quarter-on-quarter.

Gold sales for the quarter remained flat at 159 585 oz, but full-year sales fell 13% to 609 252 oz, compared with the 699 539 oz sold in the prior year.

However, African Barrick said the average realised price rose 3% quarter-on-quarter and 5% year-on-year, reaching $1 700/oz and $1 668/oz respectively.

Full-year cash costs per ounce sold were expected to be in line with guidance of between $900/oz and $950/oz.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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