- Barrick Gold (TSX:ABX) have posted sales of 1.22 million ounces of gold for Q1
- Company also sold 110 million pounds of copper for the quarter
- Production costs for the quarter were steady
- Average gold price was up, averaging C$2,231 an ounce
- Barrick Gold Corp (TSX:ABX) is trading up 1 per cent at $34.76 per share with a market cap of $61 billion
Barrick Gold Corp (TSX:ABX) has posted their Q1 earnings, selling 1.22 million ounces of gold and 110 million pounds of copper.
Production for the quarter say at 1.25 million gold ounces and 115 million pounds of copper.
The average market price for gold over the quarter was C$2,231 per ounce, while the average market price for copper in the first quarter was $3.61 per pound.
The company’s first quarter realised copper price is expected to be 12-14 per cent below it’s financial predictions, as the COVID-19 pandemic has dragged the copper price down significantly over the quarter.
The company’s copper sales were up slightly on last year’s first quarter, due to improvements at a third party smelter Barrick uses for it’s Lumwana mine’s concentrate.
Gold production costs for the quarter showed no movement, while copper production costs per pound dipped approximately 29 per cent lower than 2019.
CEO and President Mark Bristow said results put Barrick in a good position to hit guidance for the year despite the affect of COVID-19 on production and sales.
“Comprehensive programs to counter the spread of COVID-19 are in action at all of Barrick’s operations and we are taking the necessary steps to manage the impact of the pandemic our business.
“As announced earlier, the company has provided financial aid and support to its host countries to strengthen their campaigns against the virus,” he said.
Barrick did note that it is monitoring the COVID-19 pandemic, and the senior gold multinational may still be affected by government shutdowns and market slowdowns.
Barrick Gold Corp (TSX:ABX) is trading up 1 per cent at $34.76 per share at 10:01 am EST.