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Copper|Efficiency|Gold
Copper|Efficiency|Gold
copper|efficiency|gold

Barrick records solid second-quarter performance

The Veladero operation, in Argentina.

Mark Bristow

18th July 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Dual-listed Barrick Gold on Thursday reported a solid operating performance across its portfolio during the second quarter ended June 30, with production of 1.35-million ounces of gold and 97-million pounds of copper.

It sold 1.37-million ounces of gold and 96-million pounds of copper during the quarter.

Gold sales and production were in line with the “solid base” set in the first quarter and supported yearly production at the upper end of the full-year group guidance range, the TSX- and NYSE-listed company, which is led by CEO Mark Bristow, said.

Strong performances were delivered at the Loulo-Gounkoto mine, in Mali, and at Veladero, in Argentina. This was offset by lower production at Barrick Nevada, as expected, and production interruptions at the Pueblo Viejo mine, in the Dominican Republic.

This excluded the impact of the Nevada Gold Mines joint venture transaction that had been successfully completed on July 1, and which was expected to positively impact on the company’s full-year production.

Preliminary second-quarter copper sales and production were slightly lower than in the first quarter of the year, primarily as a result of lower production at Lumwana, in Zambia.

Despite this, the ongoing efficiency initiatives that have been implemented were expected to result in a slight quarter-on-quarter decrease in the company’s copper costs per pound.

Meanwhile, the average market price for gold in the second quarter was $1 309/oz, while the average market price for copper in the second quarter was $2.77/lb.

Second-quarter gold costs per ounce were expected to be marginally higher than the previous quarter.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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