17 Oct Barrick Gold hit by lower gold production in Q3
Barrick Gold Corp has estimated that third quarter gold production will be lower than the previous quarter, after it was hit by operational restrictions on its North Mara mine in Tanzania.
In its preliminary Q3 results call, the world’s second largest gold miner said it produced 1.31 million ounces (Moz), a fall on the 1.35 Moz in Q2. Meanwhile, copper output rose by 14.4% to 111 million pounds in the quarter.
Gold production was impacted by curbs on the North Mara mine after concerns emerged around the seepage at the project’s tailings facility. Barrick lifted the restrictions towards the end of Q3 after addressing the issue.
The quarterly estimates include its Nevada Gold Mines joint venture with Newmont Goldcorp Corp, which was agreed after Barrick abandoned its US$18 billion hostile bid for Newmont. Instead, the miners agreed to combine their assets in Nevada.
Barrick said its full-year production was continuing to trend towards the upper end of the 5.1 to 5.6 Moz guidance range, while costs were likely to be at the lower end of the forecast.