NYSE- and TSX-listed Barrick Gold says it is on track to reach its production targets for the current financial year, after reporting preliminary production of 1.1-million ounces of gold and 93-million pounds of copper in the first quarter of the year.
The preliminary first-quarter gold output was lower than that of the fourth quarter last year, mainly owing to mine sequencing undertaken at the Carlin and Cortez operations, as well as lower grades achieved at the Pueblo Viejo operation – in line with the mine’s and stockpile processing plan.
Lower grades and production from the Tongon operation, which is consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto.
The company’s gold production in the second half of the financial year is expected to be higher than the first half.
Preliminary copper production was 22% lower quarter-on-quarter, and Barrick also expects copper output to be stronger in the second half of the year, mainly driven by higher grades from the Lumwana operation.
During the quarter under review, Barrick sold 1.09-million ounces of gold, at an average price of $1 794/oz, while it sold 113-million pounds of copper, at an average price of $3.86/lb.