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Barrick Gold reports in-line Q1 gold copper production

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(Kitco News) - One of the world's largest gold producers said Thursday that with first-quarter production under its belt, it is on track to meet its 2021 guidance.

Barrick Gold (NYSE: GOLD) said in a preliminary report that it produced 1.10 million ounces of gold and 93 million pounds of copper in the first three months of the year, in line with expectations.

"As expected, preliminary Q1 gold production was lower than Q4 2020 mainly due to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances," the company said in the press release.

Looking at copper, the company said that production was down 22% compared to the fourth quarter of 2020.

The company said that it sold 1.09 million ounces of gold and 113 million pounds of copper in the first quarter.

"The average market price for gold in Q1 was $1,794 per ounce, while the average market price for copper in Q1 was $3.86 per pound," the company said.

Barrick said that it expects production and sales to pick up in the second half of the year.

Barick will provide a more detailed report May 5 when it releases its full earning for the first quarter.

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