The world’s second largest gold mining company, Barrick Gold, has met its production targets for 2019, with gold output touching the upper-end of its guidance and copper production beating its planned output.

During 2019, Barrick produced 5.5-million ounces, which compares with its guidance range of 5.1-million to 5.6-million ounces. Copper production of 432-million pounds exceeded its guidance of 375-million to 430-million pounds for the year.

Barrick gained from Nevada Gold Mines, with production from the joint venture (JV) with US major Newmont estimated to have contributed 2.22-million ounces to the Canadian miner's output last year.

Boosted by a strong performance from Nevada Gold, fourth-quarter gold sales and production were expected to be higher than the third quarter’s. Preliminary gold sales are estimated to be 1.41-million ounces and copper sales to be 91-million pounds of copper, while preliminary gold production is estimated at 1.44-million ounces and copper production at 117-million pounds.

Nevada Gold, in which Barrick owns 61.5%,  is expected to contribute 585 000 oz to the gold major’s output in the fourth quarter. The JV was formed in July last year and ranks as the largest global gold producing complex by a wide margin, with three of the world’s top 10 tier-one gold assets.

A strong fourth-quarter performance was also reported at 60%-owned Pueblo Viejo, in the Dominican Republic, and 50%-owned Veladero, in Argentina, with expected fourth-quarter output of 179 000 oz and 71 000 oz, respectively.

Further, at North Mara, normal operations resumed in the fourth quarter with output of 103 000 oz reported, following the lifting of restrictions at the tailings storage facility in September.

Barrick said fourth quarter gold cost of sales would be in line with the third quarter. A quarter-over-quarter decrease in gold total cash costs an ounce and all-in sustaining costs (AISC) an ounce of about 1% to 3% and 6% to 8%, respectively, was expected.

Turning to copper production, the miner said that its fourth-quarter output was expected to be slightly higher than the third quarter’s, following strong performance across all operations. While fourth quarter copper sales were higher than the third quarter, it was lower than fourth quarter production levels as Lumwana, in Zambia, continued to be impacted by a refurbishment at one of the third-party smelters that processed a portion of the concentrate produced by the mine. The refurbishment should be completed this month.

Fourth quarter copper cost of sales per pound were expected to be 4% to 6% higher than the prior quarter, C1 cash costs per pound were expected to be 6% to 8% higher and copper AISC per pound were expected to 2% to 4% higher quarter-over-quarter.

The Mark Bristow-led mining giant said that a strong fourth quarter had capped off an “excellent” first year since the merger with Africa-focused miner Randgold at the beginning of 2019.

Barrick will release its financial results on February 12.