Barrick Gold Corp. produced more of the precious metal with lower costs in the 4th quarter than the previous period as it met its fullyear gold guidance amid the global pandemic.
Production in the quarter matched analysts’ expectations, while all-in sustaining costsare expected to be 3% to 5% lower than the 3rd quarter, Toronto-based Barrick said Thursday in a statement.
Gold production in the quarter was 1.21 million ounces, based on preliminary data, the company said. Output rose from the thirdquarter largely because of strong performance from its Pueblo Viejo mine, a ramp-up of operations in Bulyanhulu and improvements at Turquoise Ridge.
The world’s second-largest gold miner lowered its 2020 guidance in May to a range of 4.6 million to 5 million ounces because of a conflict with Papua New Guinea’s government that halted production at Porgera mine in April.
Barrick’s full-year output was 4.8 million ounces, the midpoint of its annual forecast.
Gold prices have been strengthening in the past two years, helping lift miners’ cash flow and stock prices. Spot gold prices were up 26% on average in the fourth quarter from a year earlier, and in August they breached the record set in September 2011.
Barrick shares climbed 23% last year in New York, lagging the 46% gain of a Bloomberg Intelligence index of senior gold miners. (Bloomberg)