Barrick’s Gold Production Topped 1.31 Million Ounces

SEATTLE (Scrap Monster): Barrick Gold Corporation reported total gold production of 1.31 million ounces in third quarter of 2019. The production has recorded notable decline from the sequential quarter. The Q2 ’19 gold production by the company had totalled 1.35 million ounces. The production missed analysts’ expectations of around 1.35 million ounces. The drop in gold output was mainly on account of lower output from North Mara, Tanzania mine.

The operations at North Mara mine were hit by several issues including tax and environmental disputes. The restrictions were lifted only in the month of September. Meantime, the Nevada Gold Mines JV with Newmont Goldcorp Corp. produced more than half a million ounces of gold in the third quarter. The Loulo-Gounkoto mine in Mali too reported boosted output.

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The third quarter gold sales totalled 1.32 million ounces. The miner noted that the gold cost of sales in third quarter this year is expected to be higher by around 11%-13% than the second quarter.

Meantime Barrick reported 14.4% surge in copper output, which totalled 111 million pounds in Q3, mainly aided by higher production at Lumwana in Zambia. Analysts had estimated output of 105 million pounds. On the other hand, refurbishment at one of the third party smelters dragged the copper sales.