- Mining giant Barrick Gold (ABX) says it has achieved its 2020 production targets despite the ongoing COVID-19 pandemic
- Preliminary full-year gold production came to 4.8 million ounces while copper production totalled 457 million pounds
- For the fourth quarter of the year, gold production reached 1.21 million ounces with 1.19 million ounces sold, while copper production hit 119 million pounds with 108 million pounds sold
- Both gold and copper production was higher in the fourth quarter than the third, thanks to various optimisation and ramp-up activities at the company’s operations
- Barrick Gold is currently steady at C$29.95 per share
Mining giant Barrick Gold (ABX) says it has achieved its 2020 production targets despite the ongoing COVID-19 pandemic.
The Toronto-based company record preliminary full-year gold production of 4.8 million ounces while copper production totalled 457 million pounds. The figures put Barrick firmly within its previously announced 2020 targets of between 4.6 million and 5 million ounces of gold and 440 million to 500 million pounds of copper.
For the fourth quarter of the year, the company sold 1.19 million ounces of gold from a production total of 1.21 million ounces, while copper sales reached 108 million pounds from a total of 119 million pounds.
Gold production for the fourth quarter was higher than that of the third, thanks primarily to a strong performance from Pueblo Viejo in the Dominican Republic, the ramp-up of operations at Bulyanhulu in Tanzania, and ongoing improvements at Turquoise Ridge in Nevada.
However, gold sales in the fourth quarter were lower than those in the third, with the exclusion of exports of stockpiled concentrate in Tanzania.
Copper production in the fourth quarter was also higher than that of the third, due to the completion of plant maintenance activities at Lumwana in Zambia. That said, copper sales also fell as a result of the timing of shipments from Lumwana.
Notably, the cost of sales per pound of copper and all-in sustaining costs per pound are expected to be between 4 and 6 per cent higher in the fourth quarter, due primarily to higher operating costs at Lumwana and Zaldívar.
The company says it will release its fourth quarter and full-year results on February 18.
Barrick Gold is currently steady at C$29.95 per share as of 10:39am EST.
