Barrick Gold Surpassed Production Targets for 2020

SEATTLE (Scrap Monster): Canadian miner Barrick Gold Corporation reported profits during Q4 2020, beating analysts’ estimates. The company met its production targets for the full-year 2020.

The press release by the company noted that consistent performance across the group, coupled with timely engagement to respond to Covid-19 challenges helped to boost profits. The total cash costs and all-in sustaining cost (AISC) per ounce stood within guidance, although cost of sales per ounce was impacted. Meantime, the company reported significant progress to major capital projects.

The AISC during Q4 2020 rose to $929 per ounce from $923 per ounce during the year-ago quarter. The AISC for the whole year 2020 was $967, which in turn is expected to rise to between $970 and $1,020 per ounce in 2021. Also, the full-year production in 2021 is expected to range between 410 million and 460 million pounds, compared with the production of 457 million pounds in 2020.

The surge in gold and copper prices led to 91% surge in operating cash flow in 2020 to $5.4 billion. The annual free cash flow hit new record high of $3.4 billion during the year.

The miner announced significant progress in Pueblo Viejo plant expansion and development of Gounkoto underground mine.

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