Barrick Gold’s Q1 Gold Output to Fall by 8.5%

SEATTLE (Scrap Monster): Barrick Gold announced that its gold output during the initial quarter of the current year is likely to report 8.5% year-on-year decline. However, the company maintained its 2020 annual production guidance of 4.8 million to 5.2 million ounces of gold.

The projected decline in Q1 gold output is mainly on account of mine disruptions due to spread of COVID-19 pandemic. The company was forced to halt or curtail production at several mines due to restrictive measures including complete lockdowns imposed by governments of various countries. The company expects the Q1 gold production to total 1.25 million ounces, slightly lower when compared with 1.37 million ounces produced in Q1 last year.

It must be noted that Barrick reported preliminary first quarter gold sales of 1.22 million ounces.

Mark Bristow, President and Chief Executive stated that the company had implemented necessary steps to manage the impacts of the pandemic on its business. Barrick is well positioned to achieve its guidance for the year, despite challenges posed by the pandemic and the lockdowns, thereafter.

The company’s first quarter 2020 results is scheduled to be released on 6^th May, 2020 before market opening.

YOU MAY ALSO INTERESTED IN:

Barrick Gold Signs Earn-In Agreement with Golden Minerals Company

Barrick Gold Unveils 10-Year Production Plan