Barrick Gold On Track to Surpass 2020 Production Guidance

SEATTLE (Scrap Monster): Barrick Gold Corporation reported preliminary third quarter results. The company said that it is on track to achieve its full-year production guidance for 2020.

According to company press release, the preliminary third quarter gold production stood at 1.16 million ounces of gold, whereas the sales totalled 1.25 million ounces. The group’s gold production totalled 3.6 million ounces of gold in the first nine months of the current year. The average gold market price during the quarter was $1,909 per ounce.

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The preliminary third quarter gold production edged higher in comparison with the previous quarter, despite zero production from Porgera gold mine in Papua New Guinea. The stronger performances from Carlin and Pueblo Viejo resulted in 3% jump in production excluding Porgera. The gold sales too were up slightly from the prior quarter, driven by exports of stockpiled concentrates from Tanzania. The company expects 5-7% quarter-on-quarter decline in gold all-in sustaining costs per ounce.

The company will release its Q3 2020 results on November 5, 2020. Further discussion and analysis regarding its production and sales will be available then.

Barrick Gold Corporation reported preliminary copper production and sales of 103 million pounds and 116 million pounds respectively in the third quarter 2020. The average market price for copper stood at $2.96 per pound.