Barrick Gold on Track to Surpass 2021 Gold Production Target

SEATTLE (Scrap Monster): Barrick Gold announced that it is well on track to achieve the gold production targets set for the current year, mainly driven by strong production from its Africa, Middle East, Latin America and Asia Pacific regions.

The Toronto-based miner reported preliminary Q2 production of 1.04 million ounces and sales of 1.07 million ounces of gold. The average market price for gold in Q2 was $1,816 per ounce, the company press release noted. The Q2 all-in sustaining costs per ounce are expected to be 6-8% higher than in Q1. The gold cost of sales per ounce is likely to be higher by 2-4% over the quarter. The total cash costs too may likely surge by 1-3%, said company press release.

The preliminary quarterly production was impacted by planned maintenance shutdowns at Nevada Gold Mines processing facilities, which were further impacted by mechanical mill failure. The planned maintenance at Pueblo Viejo too resulted in quarter-on-quarter dip in production. Barrick Gold anticipates gold production in H2 2021 to be higher than that in H1 this year.

The company is due to announce its Q2 results before opening of North American markets on 9^th August, 2021.

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