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Barrick reports lower gold and copper production in 2021, achieves guidance

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(Kitco News) - Barrick Gold (TSX:ABX), the world's second largest gold mining company, today reported that its preliminary gold production in 2021 of 4.44 million ounces was 7% lower than in 2020 (4.76 million ounces) and within the 4.4 to 4.7 million ounce guidance range.

According to the company’s statement, both the Africa & Middle East and Latin America & Asia Pacific regions finishing the year at the higher end of their regional gold guidance range.

The company’s preliminary copper production of 415 million pounds in 2021 was 9% lower than in 2020 and within the guidance range of 410 to 460 million pounds.

Barrick added that the preliminary Q4 results show sales for the quarter of 1.23 million ounces of gold and 113 million pounds of copper, as well as preliminary Q4 production of 1.20 million ounces of gold and 126 million pounds of copper.

The company also said that its preliminary Q4 gold production was higher than Q3 2021, mainly due to the strong performance from Carlin and Cortez following the repair of the Goldstrike roaster completed at the end of the third quarter, which allowed for increased processing of material mined from both sites.

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Barrick noted that its preliminary Q4 gold sales were higher than Q3 2021 as Veladero sold a portion of its built-up gold inventory. Q4 gold all-in sustaining costs per ounce are expected to be 4-6% lower than in Q3 2021.

Preliminary Q4 copper production was higher than Q3 2021, primarily due to increased throughput levels at Lumwana. Preliminary Q4 copper sales were lower than production, mainly due to the timing of shipments at Lumwana.

The company added that Q4 copper all-in sustaining costs per pound are expected to be 11-13% higher than Q3 2021 due to higher capital expenditures at Lumwana, primarily related to new mining equipment and stripping.

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