https://www.engineeringnews.co.za
Copper|Gold|Maintenance
Copper|Gold|Maintenance
copper|gold|maintenance

Barrick production trending towards upper-end of guidance

Barrick CEO Mark Bristow

Barrick CEO Mark Bristow

17th October 2019

By: Creamer Media Reporter

     

Font size: - +

Gold major Barrick Gold said on Thursday that its full-year production was continuing to trend towards the upper end of its 5.1-million to 5.6-million ounce guidance range, despite third-quarter production being lower than that of the second quarter.

CEO Mark Bristow said that the third-quarter production results were strong across its portfolio and explained that the quarter-on-quarter gold production drop was the result of operational restrictions at North Mara, in Tanzania.

Third-quarter gold costs were also higher (between 11% and 13%), as a result of higher depreciation resulting from purchase price adjustments at Nevada Gold Mines, in the US, but he said that it remained in line with its guidance for the year.

The third-quarter results show preliminary third-quarter sales of 1.32-million ounces of gold and 64-million pounds of copper, as well as preliminary third-quarter production of 1.31-million ounces of gold and 111-million pounds of copper.

Preliminary third quarter copper production was higher than the second quarter, as a result of higher production at Lumwana, in Zambia. 

Third-quarter copper sales were lower than production, owing to a major refurbishment at one of the third-party smelters that processes a portion of the concentrate produced by Lumwana. Barrick said that the refurbishment should be completed by the end of the year and that it was evaluating alternative smelter opportunities during the maintenance period.  

Third quarter copper cost of sales per pound are expected to be in line with the prior quarter and C1 cash costs per pound are expected to be 2% to 4% higher than the second quarter.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.089 0.147s - 160pq - 2rq
Subscribe Now