Barrick Gold Announced Notable Output Boost in Q4

SEATTLE (Scrap Monster): Canadian miner Barrick Gold Corp. declared preliminary Q4 full year 2020 production results.

The gold production during the last quarter of the year totalled 1.21 million ounces (Moz). This is marginally higher upon comparison with the production of 1.16 Moz during the prior quarter. The 4.4% surge in quarterly output was mainly on account of increased output at its Pueblo Viejo mine in the Dominican Republic. The ramp-up of operations at Bulyanhulu, Tanzania mine and improvement in Turquoise Ridge, Nevada also contributed to the higher output. The gold output at Pueblo Viejo mine surged higher by nearly 23% to total 159,000 ounces in Q4 2020.

The company achieved its 2020 production targets. The preliminary gold production for the full year totalled 4.8 million ounces, which is within the guidance range of 4.6 to 5.0 million ounces.

ALSO READ: Barrick Gold in Talks to Decide Terms of Porgera Gold Mine Restart

The preliminary results indicate that copper production is likely to total 457 million pounds in 2020, within the guidance of 440 to 500 million pounds declared before.

Barrick Gold is scheduled to report results for Q4 and full year 2020 on February 18^th. It expects all-in-sustaining costs to drop by 3% to 5%, quarter-on-quarter. Also, gold cost of sales per ounce and total cash costs per ounce are expected to be in line with the third quarter of 2020.