BARRICK Gold increased second quarter gold production nearly 0.9% compared to the first owing to higher output at Turquoise Ridge in Nevada and expansion at its Porgera mine in Papua New Guinea, said Reuters citing an update from the Canadian miner.
The Porgera mine was placed on care and maintenance in April 2020 after a dispute over benefit-sharing terms between the government, local people and Barrick during negotiations for renewal of the mining lease, said Reuters.
The company’s total preliminary output was 948,000 ounces of gold for the quarter to June 30, up from 940,000 oz in the first quarter.
Barrick expects all-in sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, to rise about 1% to 3% from the previous quarter’s $1,474 per ounce, but expects a drop in the second half as production ramps up, said Reuters.
Quarterly copper production also rose, increasing to 43,000 tons from 40,000 tons in the first quarter, helped by higher grades and recoveries at Lumwana in Zambia after a planned maintenance shutdown in the previous quarter.
Barrick is expected to release second-quarter results on August 12, with markets expecting guidance on developments on its contract negotiations in Mali.
Mark Bristow, Barrick CEO said this month that the current economic and political climate in Mali has caused exploration companies to curtail or suspend operations in the country.
