Barrick Reports Robust Gold Production and Sales

SEATTLE (Scrap Monster):  The preliminary results for the full year and fourth quarter of 2019 indicates that Barrick Gold met its full-year guidance targets. The company recorded strong gold production and sales during the final quarter of 2019.

According to company press release, the 2019 gold production by the company is likely to total 5.5 million ounces, which is at the upper end of the earlier guidance of 5.1 to 5.6 million ounces.

The preliminary results suggest Q4 ’19 sales of 1.413 million ounces of gold. The quarterly gold production is expected to total 1.439 million ounces. The gold prices averaged at $1,481 per ounce during the quarter, the press release noted. The preliminary gold sales and production is projected to remain higher than Q3 2019 levels, mainly driven by strong quarterly performance from Nevada Gold Mines, especially at Turquoise Ridge, as well as Pueblo Viejo and Veladero.

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Meantime, the preliminary copper production of 432 million pounds in 2019 is expected to exceed the top-end of guidance of 375-430 million pounds. The Q4 copper production and sales are projected to be slightly higher than Q3. The average market price for copper in Q4 last year was $2.67 per pound.

Barrick will declare its fourth quarter and full year 2019 results on February 12, 2020.