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Barrick meets 2020 targets despite 13% gold production drop

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(Kitco News) - Barrick Gold (NYSE:GOLD)(TSX:ABX) today announced preliminary full-year and fourth quarter 2020 results which indicate that it has met its 2020 guidance targets.

Barrick said that its preliminary gold production for the full-year of 4.8 million ounces is at the midpoint of the 4.6 to 5.0 million ounce guidance range, while preliminary copper production of 457 million pounds is also within the guidance range of 440 to 500 million pounds.

The company’s 2020 preliminary gold production decreased by 13% compared to 2019 (5.5 million ounces), while preliminary copper production increased by 6% compared to 2019 (432 million pounds).

Barrick added that preliminary Q4 results show sales for the quarter of 1.19 million ounces of gold and 108 million pounds of copper, as well as preliminary Q4 production of 1.21 million ounces of gold and 119 million pounds of copper. The average market price for gold in Q4 was $1,874 per ounce, while the average market price for copper was $3.25 per pound.

Preliminary Q4 gold production was higher than Q3 2020, mainly due to a strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and ongoing improvement at Turquoise Ridge.

Preliminary Q4 copper production was higher than Q3 2020 following completion of plant maintenance at Lumwana in the third quarter.

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