Barrick achieves 2020 production targets

The preliminary 4Q20 results show sales for the quarter of 1.19 million oz of gold and 108 million lbs of copper, as well as preliminary 4Q20 production of 1.21 million oz of gold and 119 million lbs of copper. The average market price for gold in 4Q20 was US$1874/oz, while the average market price for copper was US$3.25/lb.

Preliminary 4Q20 gold production was higher than 3Q20, mainly due to a strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and ongoing improvement at Turquoise Ridge. Preliminary 4Q20 gold sales were lower than 3Q20 as third quarter sales included the export of the remaining stockpiled concentrate in Tanzania. 4Q20 gold cost of sales per ounce1 and total cash costs per ounce are expected to be in line with the prior quarter and gold all-in sustaining costs per ounce are expected to be 3 – 5% lower than in 3Q20.

Preliminary 4Q20 copper production was higher than 3Q20 following completion of plant maintenance at Lumwana in the third quarter. Preliminary 4Q20 copper sales were lower than the previous quarter, primarily due to the timing of shipments at Lumwana. 4Q20 copper cost of sales per pound1 is expected to be 4 – 6% higher, 4Q20 copper C1 cash costs per pound are expected to be 10 – 12% higher and copper all-in sustaining costs per pound are expected to be 4 – 6% higher than 3Q20. Driving these changes are higher operating costs at Lumwana and Zaldívar, partially offset by lower depreciation and lower sustaining capital at Lumwana.

Barrick will provide additional discussion and analysis regarding its 4Q20 production and sales when the company reports its quarterly and full year 2020 results before North American markets open on 18 February 2021.

Read the article online at: https://www.globalminingreview.com/finance-business/15012021/barrick-achieves-2020-production-targets/