Barrick’s Q3 output shrinks 10%

VANCOUVER (miningweekly.com) – The world’s largest gold producer by output Barrick Gold has reported 10% fewer ounces produced at all its major mines for the three months ended September 30, according to the company’s third-quarter production results, published on Thursday.

The Toronto-headquartered company produced 1.24-million ounces of gold during the period and 115-million pounds of copper – a 15% improvement over the comparable period of 2016.

Barrick's production was impacted by 8.3% lower output of 191 203 oz, from its 63.9%-owned Acacia Mining affiliate for the third quarter.

Preliminary third-quarter gold sales fell to 1.23-million ounces, compared with 1.39-million ounces in the comparable period of 2016. Copper sales totalled 107-million pounds, up 5% from 102-million pounds a year earlier.

On average, gold sold for 4% lower year-on-year at $1 278/oz, and the average for copper was $2.88/lb – up 32% year-on-year.

“Our operations continue to deliver solid results and remain on track for the year, with third-quarter gold and copper production in line with expectations. . . [W]e expect higher production and lower costs in the fourth quarter,” advised president Kelvin Dushnisky.

Barrick will announce its third-quarter results on October 25.

The major's TSX-listed stock has gained about 18.43% since the start of the year, leading gold's 14% progress in the same period. The equity closed down half a per cent at C$20.78 on Thursday afternoon.