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Barrick on Pace to Meet Annual Gold Output After Quarterly Gain
Barrick on Pace to Meet Annual Gold Output After Quarterly Gain
16 Oct 2020, 07:15 AM IST
(Bloomberg) -- Barrick Gold Corp. said it’s on track to meet its full-year production goal after third-quarter output edged up from the previous period.
(Bloomberg) -- Barrick Gold Corp. said it’s on track to meet its full-year production goal after third-quarter output edged up from the previous period.
The world’s second-largest gold miner lowered its 2020 guidance in May to a range of 4.6 million to 5 million ounces because of a conflict with the government of Papua New Guinea over its Porgera mine. Barrick said it remains “on track” to achieve its full-year production as overall gold production climbed to 3.6 million ounces in the first nine months of 2020.
Key Insights
- Even though there was no output recorded from Porgera, overall third-quarter gold production rose mainly due to stronger performances from Carlin in Nevada and Pueblo Viejo in Dominican Republic.
- Gold production for the third quarter was 1.16 million ounces, based on preliminary data, falling just short of analysts’ expectations of 1.2 million.
- All-in sustaining costs fell 5% to 7% in the quarter from the prior period, preliminary data shows.
- Gold prices have climbed this year, providing a tailwind for producers of the metal. A Bloomberg Intelligence index of senior gold miners has gained over 50% in 2020.
- Spot gold prices were up 30% on average in the third quarter from a year earlier, and in August they shot past the record set in September 2011.
Market Reaction
- Barrick shares in New York have climbed 52% this year.
Get More
- News about Barrick.
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