Barrick: 1Q Gold Output Within Its Expectations
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(Kitco News) - Barrick Gold Corp. (NYSE: GOLD; TSX: ABX) Thursday reported preliminary first-quarter sales and production of 1.37 million ounces of gold, which the company said was in line with its expectations and operating plans.
The producer also listed output of 106 million pounds of copper and the sale of 103 million.
The gold output is well above a year ago and the fourth quarter, although this was to be expected since the merger with Randgold Resources Ltd. went into effect at the start of 2019, thereby adding more mines to the mix.
Barrick said the average market price for gold in the first quarter was $1,304 per ounce, while the average for copper was $2.82 per pound. The company said it will provide more details on its operations when it releases full quarterly financial results, scheduled for May 8.
The company said it had a “positive start” to 2019 and was “rapidly progressing” with implementation of a joint-venture agreement with Newmont Mining Corp. for the two companies’ mines in Nevada.