Barrick Gold's Q1 production was off 10% to 940,000 total attributable ounces for gold, and copper was down 21% to 40,000 tonnes compared to the last quarter.
The miner announced its production results today.
"As planned, preliminary Q1 gold production was lower than Q4 2023 mainly as a result of planned maintenance at Nevada Gold Mines and mine sequencing at various sites," said the company in a news release. "Preliminary Q1 copper production was lower than Q4 2023, driven primarily by lower grades mined at Lumwana in accordance with the mine plan."
Due to lower production, costs per ounce was higher. The average market price for gold in Q1 was $2,070 per ounce while the average market price for copper in Q1 was $3.83 per pound.
Barrick (NYSE:GOLD) expects production to ramp up over successive quarters.
As of 12:42 p.m. ET Barrick was down 4.71% to $22.83 a share.
