By Robb M. Stewart
Barrick Gold Corp. said Thursday it remains on track to hit its production targets for 2021 following quarter-over-quarter increases in gold and copper output in the latest quarter.
Barrick said it remains on track to achieve 2021 guidance, with both the Africa and Middle East and the Latin America and Asia Pacific regions continuing to trend toward the higher end of regional gold guidance and North America at the lower end.
The mining company has forecast gold production this year of between 4.4 million and 4.7 million ounces, attributable to Barrick, and copper output of 410 million to 460 million pounds. It produced 4.76 million ounces of gold and 457 million pounds of copper in 2020.
It affirmed it expects gold production for the fourth quarter would be the strongest of the year following the repair of the mill at Carlin's Goldstrike roaster late in the third quarter. Nevada Gold Mines' Carlin and Cortez operations are expected to be at the low end of their annual guidance ranges, while Phoenix and Long Canyon are expected to be at the top end of their guidance ranges, it said.
The company said production at Turquoise Ridge is expected to be below its annual guidance range, though full-year production is still expected to be higher than the prior year. Production at Hemlo is expected to be below its annual guidance range following a slower ramp-up of underground development due to Covid-19 movement restrictions, it said.
On third-quarter output:
Barrick reported preliminary production for the third quarter of 1.09 million ounces of gold and 100 million pounds of copper, both up on the previous quarter.
The average market price for gold in the third quarter was $1,790 an ounce, and for copper was $4.25 a pound. The company said its realized copper price is expected to be 5% to 7% below the average third-quarter market price, primarily due to provisional pricing adjustments that reflect the downward trend in copper prices during the quarter.
Write to Robb M. Stewart at [email protected]