Barrick Misses Gold Estimates But Stays on Track for 2021 Target
(Bloomberg) -- The world’s second-largest bullion producer continued to ramp up production last quarter -- just at a slightly slower pace than expected.
Barrick Gold Corp. reported preliminary gold output of 1.09 million ounces in the third quarter, up from second quarter levels on improvements in the U.S. and Argentina. But it was just below the average analyst estimate. Copper production also trailed estimates.
- Barrick said in a statement Thursday it remained on track to achieve annual guidance, with both the Africa & Middle East and Latin America & Asia Pacific regions continuing to trend to the higher end of their regional gold guidance and North America at the lower end
- Nevada operations recovered after maintenance shutdowns, while the company continued to ramp up operations in Tanzania and at Veladero in Argentina
- All-in sustaining costs per ounce are expected to be 4%-6% lower in the third quarter versus the second
- Fourth-quarter gold production is expected to be the strongest of the year after mill repairs at Goldstrike
- Barrick shares, down about 16% this year, were up slightly before the start of regular New York trading
- Click here for the production report and here for earnings estimates
- Barrick is scheduled to report earnings on Nov. 11
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