BARRICK Gold said it produced 1.1 million ounces of gold in the first quarter of its 2021 financial year in line with guidance for the 12 months of 4.4 million to 4.7 million oz.
Sales in the three month period totalled 1.09 million oz achieved at an average market price of $1,794/oz. Copper sales totalled 113 million pounds at an average copper price for the quarter of $3.86/pound.
Copper production totalled 93 million pounds.
Quarter-on-quarter, gold production was lower owing to mine sequencing at Carlin and Cortez mines as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances.
Lower grades and production from Tongon, consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto, the group said.
Gold production in the second half of 2021 is expected to be higher than the first half as previously guided by the company.
As a result, first quarter gold cost of sales per ounce is expected to be slightly higher, total cash costs per ounce are expected to be 2 to 4% higher, and all-in sustaining costs per ounce are expected to be eight percent to 10% higher than the fourth quarter of last year.
Barrick is due to present its numbers and provide commentary regarding the quarter on May 5.