Barrick first-half output at midpoint of 2020 guidance
Canadian gold major Barrick expects to meet its production guidance for 2020, despite the impact of the global Covid-19 pandemic and resultant lockdowns, CEO Mark Bristow said on Thursday.
The group reported preliminary second-quarter gold production of 1.15-million ounces and copper production of 120-million pounds. Gold production for the first six months of 2020 was 2.4-million ounces, which is at the midpoint of the 4.6-million- to 5-million-ounce guided range set for the year.
Second-quarter production results were forecast to be lower than the first quarter of the year, mainly owing to the impact of Covid-19 at Veladero, in Argentina, where quarantine restrictions were lifted in April and movement and social distancing restrictions slowed the remobilisation of employees and contractors back to site, a planned maintenance shutdown at Pueblo Viejo, in the Dominican Republic, and reduced production at Porgera, in Papua New Guinea, as the mine was placed on care and maintenance on April 24.
Second-quarter sales of 1.22-million ounces of gold were higher than production, owing to the start of exports of concentrate stockpiled in Tanzania.
Second quarter gold cost of sales per ounce are expected to be 4% to 6% higher, total cash costs per ounce are expected to be 2% to 4% higher and gold all-in sustaining costs (AISC) per ounce are expected to be 7% to 9% higher, respectively, than the first quarter of 2020.
Copper sales of 123-million pounds of copper were also higher than the previous quarter. Copper cost of sales per pound were expected to be 5% to 7% higher than the prior quarter, C1 cash costs per pound were expected to be in line and copper AISC are expected to be 4% to 6% higher, respectively, than the first quarter of 2020.
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