Barrick Gold on Track to Surpass 2021 Production Target

SEATTLE (Scrap Monster): Barrick Gold declared that it continues to maintain its full-year gold production outlook for the current year, despite fall in output during the initial quarter.

The company press release noted that the total preliminary gold production totalled 1.10 million ounces (moz) in the quarter ended 31st March, 2021. This is down by almost 9% when compared with the production of 1.21 moz during the prior quarter. The dip in production was partially due to lower grades at its Pueblo Viejo mine in Dominican Republic. This resulted in 14% decline in gold production from the mine.

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Also, the overall all-in sustaining costs (AISC) of gold are expected to be 8%-10% higher than the prior quarter. The miner foresees higher output in the second half of the year, mainly driven by ramp up in operations.

Barrick reported nearly 22% sequential dip in copper production during the first quarter of 2021 to total 93 million pounds. The miner expects copper production to be stronger in H2 2021, compared with the first six months, mainly on account of higher grades from Lumwana copper mine in Zambia.

The company had recently reached an agreement with the authorities of Papua New Guinea (PNG) on restart of operations at Porgera gold mine.

The company is due to report its quarterly results before market opening on May 5, 2021.