Barrick Gold has met its production targets for 2019, with gold output touching the upper end of its guidance and copper production beating its planned output.

It produced 5.5-million ounces of gold, compared with its guidance range of 5.1-million to 5.6- million ounces. Copper production of 432-million pounds exceeded its guidance of 375- million to 430-million pounds.

Barrick gained from Nevada Gold Mines, with production from the joint venture (JV) with US major Newmont estimated to have contributed 2.22-million ounces to the Canadian miner's output last year.

Boosted by a strong performance from Nevada Gold, fourth-quarter gold sales and production were expected to be higher than the third quarter’s. Preliminary gold sales are estimated to be 1.41-million ounces and copper sales 91- million pounds, while preliminary gold production is estimated at 1.44-million ounces and copper production at 117-million pounds.

Nevada Gold, in which Barrick owns 61.5%, is expected to contribute 585 000 oz to the gold major’s output in the fourth quarter. The JV was formed in July last year.

A strong fourth-quarter performance was also reported at 60%- owned Pueblo Viejo, in the Dominican Republic, and 50%-owned Veladero, in Argentina, with expected fourth-quarter output of 179 000 oz and 71 000 oz respectively.

Further, at North Mara, normal operations resumed in the fourth quarter, with output of 103 000 oz reported, following the lifting of restrictions at the tailings storage facility in September.

Barrick said fourth-quarter gold cost of sales would be in line with the third quarter. Quarter-on-quarter decreases in gold total cash costs per ounce and all-in sustaining costs (AISCs) per ounce of 1% to 3% and 6% to 8% respectively were expected.

The miner said that its fourth-quarter copper output was expected to be slightly higher than the third quarter’s, following a strong performance across all operations. While fourth-quarter copper sales were higher than the third-quarter’s, they were lower than fourth-quarter production levels as Lumwana, in Zambia, which continued to be impacted by a refurbishment at one of the third-party smelters that processed a portion of the concentrate produced by the mine.

Fourth-quarter copper costs of sales per pound were expected to be 4% to 6% higher than the prior quarter, C1 cash costs per pound 6% to 8% higher and copper AISCs per pound 2% to 4% higher quarter-on-quarter.

The Mark Bristow-led mining giant said a strong fourth quarter had capped an “excellent” first year since the merger with Africa-focused miner Randgold at the start of 2019.