Canada-headquartered Barrick Gold expects to meet its full-year guidance, despite the impact of the global Covid-19 pandemic and the resultant lockdowns that forced mining companies to scale back operations.

The company previously forecast that it will produce between 4.8-million and 5.2-million ounces of gold in 2020.

CEO Mark Bristow said in a news release on Thursday that Barrick had comprehensive programmes in action to counter the spread of Covid-19 at all its operations and that it had taken the necessary steps to manage the impact of the pandemic on its business.

The miner’s preliminary results indicate that first-quarter gold production could be about 13% lower than that of the fourth quarter, at 1.25-million ounces. Gold sales came to 1.22-million ounces.

Preliminary first-quarter copper production of 115-million pounds was in line with the fourth quarter of 2019, while preliminary first-quarter copper sales of 110-million pounds improved from the previous quarter, following the completion of a major refurbishment at a third-party smelter that processes a portion of Lumwana’s concentrate.

The average market price for gold in the first quarter was $1 583/oz, while the average market price for copper in the first quarter was $2.56/lb.

Barrick noted that its first-quarter realised copper price would be 12% to 14% below the average first quarter market price for copper, primarily as a result of provisional pricing adjustments that reflect the downward trend in copper prices over the period.

First-quarter gold costs, including cost of sales per ounce, total cash costs per ounce and gold all-in sustaining costs an ounce, were expected to be similar to the fourth quarter of 2019, which were $692/oz.

First-quarter copper cost of sales were expected to be 12% to 14% lower than the prior quarter's $2.26/lb. C1 cash costs per pound and copper all-in sustaining costs per pound are expected to be 17% to 19% and 27% to 29% lower, respectively, than the fourth quarter of 2019, primarily owing to the increase in copper sales.

Barrick would release its quarterly results before North American markets open on May 6.