Barrick Gold Confident of Meeting Gold Production Target for 2020

SEATTLE (Scrap Monster):  Following review of its operations until the halfway mark of the year, Barrick Gold Corporation announced that it is on track to achieve the annual gold production within its previously announced 2020 guidance range.

According to the company, the gold production during the initial six-month period of the current year totalled 2.4 million ounces, which is at the midpoint of its annual guidance of 4.6 million to 5 million ounces of gold production. The strong operating performances at the Nevada Gold Mines (NGM) in the United States, Loulo-Gounkoto in Mali and Kibali in the Democratic Republic of Congo contributed to the strong output during this period. However, Pueblo Viejo production was impacted due to planned maintenance shutdown.

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Mark Bristow, President and CEO noted that the management’s ability to capture the full benefit of higher gold prices helped the company to report strong cash generation. All major projects, including the expansion of Pueblo Viejo, the Goldrush development and the Turquoise Ridge shaft, is on track, he added.

In reflection of the robust half-yearly performance, the company’s Board of Directors announced a dividend of $0.08 per share, which will be payable on September 15, 2020. The 14% increase from the previous quarter’s dividend demonstrates the company’s continued strong financial performance.