Barrick Gold Envisages Notable Dip in Q2 Gold Production

SEATTLE (Scrap Monster): Barrick expects substantial decline in second-quarter gold production. The company foresees 15% dip in producton over the previous quarter, mainly on account of disruptions in Argentinian mine and production halt at disputed Papua New Guinea mine.

According to company press release, the preliminary second quarter production totalled 1.15 million ounces of gold. This is substantially lower when matched with the prior quarter, mainly due to Covid-induced disruptions at Veladero, Argentina, planned maintenance shutdown at Pueblo Viejo, Dominican Republic and reduced production at Porgera, Papua New Guinea.

The group’s gold production for the initial six-month period of the year was 2.4 million ounces, nearly at the midpoint of the previously announced annual guidance of 4.6 to 5.0 million ounces for the whole year.

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Commenting on the results, Mark Bristow, President and Chief Executive noted that the company is well-positioned to achieve its guidance for the year, despite the impacts of Covid-19 pandemic and subsequent lockdowns. The company will continue to pursue necessary steps across all of its operations to manage the impacts of the pandemic, he added.