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Barrick Gold Corp. says according to its preliminary figures it produced 1.04 million ounces of gold and 120 million pounds of copper in its second quarter and remains on track to achieve its production guidance for the year.
The production came as its sales totalled 1.04 million ounces of gold and 113 million pounds of copper.
The mining company says gold production was higher than the first quarter due to stronger performance across its portfolio, particularly at its Carlin, Turquoise Ridge, Veladero, Bulyanhulu and North Mara operations, while copper production was also higher than the first quarter, driven by its Lumwana mine.
Barrick says the average market price for gold in the second quarter was US$1,871 per ounce, while the average market price for copper was US$4.32 per pound. However, it says the closing price at the end of the quarter was US$3.83 per pound.
The company says its realized copper price is expected to be 13 to 15 per cent below the average second-quarter market price, primarily due to provisional pricing adjustments that reflect the drop near the end of the quarter.
Barrick is expected to report its full second-quarter results on Aug. 8.