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Barrick Gold 3Q Production Falls 10% From Year Ago

Kitco News

(Kitco News) - Barrick Gold Corp. (NYSE, TSX: ABX), the world’s largest gold producer, Thursday reported a year-on-year decline in gold production but with expectations for a pickup in the fourth quarter.

The company listed preliminary gold output of 1.24 million ounces, which was down from 1.38 in the same period a year ago.

Barrick listed lower output at Barrick Nevada, Pueblo Viejo, Lagunas Norte, Valadero, Turquoise Ridge, from its majority share of Acacia Mining, as well as a category for “other mines.”

President Kelvin Dushnisky said the company’s third-quarter output was in line with its expectations and the major producer remains on track to meet guidance for the full year.  “As stated previously, we expect higher production and lower costs in the fourth quarter,” he said.

When Barrick released its second-quarter financial results this summer, the company said it expected gold production for the remainder of the year to be weighted toward the fourth quarter.

Barrick also listed third-quarter copper output of 107 million pounds, up from 100 million in the same period a year ago. The company realized an average gold price of $1,278 per ounce in the third quarter and a copper price of $2.88 a pound.

Barrick is scheduled to release its third-quarter financial results on Oct. 25.

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