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Jan 16, 2020

Barrick expects it produced 5.5 million ounces of gold last year

Brian Acker discusses Barrick Gold

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TORONTO — Barrick Gold Corp. says its gold production for 2019 is expected to come in near the top end of its guidance, while copper production is forecast to be more than its earlier expectations.

The gold miner says preliminary results indicate it produced 5.5 million ounces of gold last year compared with its guidance for between 5.1 million and 5.6 million ounces.

Preliminary copper production results indicate it produced a total of 432 million pounds compared with guidance for between 375 million and 430 million pounds.

Barrick says preliminary fourth-quarter results show sales of 1.413 million ounces of gold and 91 million pounds of copper, as well as fourth quarter production of 1.439 million ounces of gold and 117 million pounds of copper.

The average market price for gold in the fourth quarter was US$1,481 per ounce, while the average market price for copper in the fourth quarter was US$2.67 per pound.

Barrick is expected report its quarterly and full-year 2019 results on Feb. 12.