Barrick Reports That Gold Sales And Production Increased

TORONTO - Barrick Gold Corporation reported that preliminary fourth quarter gold sales and production were higher than third quarter levels as a result of a strong fourth quarter performance from Nevada Gold Mines, in particular at Turquoise Ridge, as well as Pueblo Viejo and Veladero. At North Mara, normal operations resumed in the fourth quarter following the lifting of restrictions at the tailings storage facility in September. Fourth quarter gold cost of sales per ounce1 is expected to be in line with the third quarter. A quarter-over-quarter decrease in gold total cash costs per ounce2 and all-in sustaining costs per ounce2 of approximately 1-3% and 6-8%, respectively is expected. 

The full year and fourth quarter results which indicate that it has met its full-year guidance targets with preliminary gold production of 5.5 million ounces, at the upper end of the 5.1 to 5.6 million ounce range and preliminary copper production of 432 million pounds, exceeding the top-end of guidance of 375 to 430 million pounds. A strong fourth quarter capped off an excellent first year since the merger with Randgold at the beginning of 2019.

The preliminary fourth quarter results show fourth quarter sales of 1.413 million ounces of gold and 91 million pounds of copper, as well as fourth quarter production of 1.439 million ounces of gold and 117 million pounds of copper. Fourth quarter copper production was slightly higher than the third quarter of the year following strong performance across all operations. Preliminary fourth quarter copper sales were higher than the third quarter, but lower than fourth quarter production levels as Lumwana continued to be impacted by a major refurbishment at one of the third-party smelters that processes a portion of the concentrate produced by the mine. Fourth quarter copper cost of sales per pound are expected to be 4-6% higher than the prior quarter, C1 cash costs per pound are expected to be 6-8% higher and copper all-in sustaining costs per pound are expected to 2-4% higher quarter-over-quarter.

The company’s address is 161 Bay Street, Suite 3700, Toronto, ON M5J 2S1, (416) 861-9911, www.barrick.com.