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Barrick production trending towards upper end of guidance

25th October 2019

By: Creamer Media Reporter

     

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Gold major Barrick Gold said last week its full-year production was continuing to trend towards the upper end of its 5.1-million to 5.6-million ounce guidance range, despite third-quarter production being lower than production in the second quarter.

CEO Mark Bristow said third-quarter production results were strong across its portfolio and explained that the quarter-on-quarter gold production drop was the result of operational restrictions at North Mara, in Tanzania.

Third-quarter gold costs were also higher (11% to 13%), as a result of higher depreciation resulting from purchase price adjustments at Nevada Gold Mines, in the US, but he said that it remained in line with its guidance for the year.

The third-quarter results show preliminary sales of 1.32-million ounces of gold and 64-million pounds of copper, as well as preliminary production of 1.31- million ounces of gold and 111- million pounds of copper.

Preliminary copper production was higher than in the second quarter, as a result of higher production at Lumwana, in Zambia.

Third-quarter copper sales were lower than production for the period, owing to a major refurbishment at one of the third-party smelters that process a portion of the concentrate produced by Lumwana, which should be completed by the end of the year.

Third-quarter copper cost of sales per pound are expected to be in line with the prior quarter and C1 cash costs per pound are expected to be 2% to 4% higher than the second quarter.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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