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Barrick: 2Q Gold Output Comparable To 1Q

Kitco News

(Kitco News) - Barrick Gold Corp. (NYSE: GOLD; TSX: ABX) announced Thursday that second-quarter gold production was comparable to the first quarter and supports annual output at the upper end of its guidance range for 2019.

The gold-mining giant reported preliminary second-quarter sales of 1.37 million ounces of gold and 96 million pounds of copper, as well as preliminary production of 1.35 million ounces of gold and 97 million pounds of copper.

Barrick’s first-quarter earnings report back in May listed January-March gold production of 1.367 million ounces and copper output of 106 million pounds. The first quarter was the company’s first since it acquired Randgold Resources Ltd.

Barrick reported strong performances for gold output at Loulo-Gounkoto and Veladero, offset by lower production at Barrick Nevada, as guided, and production interruptions at Pueblo Viejo.

The results are before any impact of the Nevada Gold Mines joint-venture transaction that was completed on July 1. Second-quarter gold costs per ounce are expected to be marginally higher than in the first quarter, Barrick said.

The average market price for gold in the second quarter was $1,309 per ounce, while the average market price for copper in the second quarter was $2.77 per pound.

Preliminary second-quarter copper sales and production were slightly lower than the first quarter mainly due to lower production at Lumwana, the company said. However, Barrick said, ongoing efficiency measures that have been implemented are expected to result in a slight quarter-over-quarter decrease in our copper costs per pound. Full-year copper production and cost guidance is unchanged.

Barrick said it will provide more details when the company reports its quarterly results and conducts a Webcast on Aug. 12.

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