Commodities Videos


{{ currentStream.Name }}

{{ currentStream.Desc }}

Related Video

Continuous Play:

The information you requested is not available at this time, please check back again soon.

Jul 18, 2019

Barrick expects gold production at upper end of 2019 guidance

The bullion bounce can go higher: Portfolio manager


Security Not Found

The stock symbol {{StockChart.Ric}} does not exist

See Full Stock Page »

Barrick Gold Corp. (ABX.TO) said it’s on track to meet its production guidance this year as strong performances at mines in Mali and Argentina offset lower production elsewhere.

Key Insights

-Second-quarter gold costs are expected to be “marginally higher” than the first quarter while quarter-over-quarter copper costs will be slightly lower.

-In February, Barrick said its costs to produce gold would be higher this year, following its merger with Randgold Resources Ltd., primarily because operations at its high-grade, low-cost open pit mine at Cortez Hills in Nevada were winding down.

-As of May, the Toronto-based company expected 2019 gold production of 5.1 million to 5.6 million ounces and copper output of 375 million to 430 million pounds.

-Spot gold prices averaged US$1,309 an ounce in the second quarter, little changed from a year earlier. Prices have rallied since late May as the Federal Reserve signaled a more dovish policy on interest rates.

-Both Barrick and rival Newmont Goldcorp Corp. have looked to multibillion-dollar mergers as a means of improving their portfolios and replenishing finite gold reserves.

Market Reaction

- Barrick released the statement before the start of regular trading in New York, where the shares slipped 1.2 per cent as of 7:19 a.m.