- Write by:
-
Tuesday, January 16, 2024 - 22:55:17
-
109 Visit
-
Print
Canadian miner Barrick Gold Corp said on Tuesday its full-year preliminary production of gold fell from a year earlier, even as output rose sequentially in the fourth quarter.
The world’s second-largest gold miner said in November its 2023 gold production was forecast to be lower than expected due to equipment issues at its Dominican Republic mine and lower output at two sites in the Nevada Gold Fields project.
Barrick reported a 2.17% fall in 2023 gold output at 4.05 million ounces from a year earlier, which came below its forecast, and analysts’ average estimate of 4.16 million ounces, according to LSEG data.
Copper production also fell 4.76% to 420 million pounds. Analysts had estimated 433 million pounds of output.
Shares of the Toronto-based company fell nearly 4.1% to C$22.67, while US-listed shares were down 4.7% at $16.82. Gold was down 0.8% at around 10:00 a.m. ET.
Barrick’s fourth-quarter output, however, rose to 1.05 million ounces of gold and 113 million pounds of copper, from 1.04 million ounces of gold and 112 million pounds of copper in the previous quarter.
The company said it expects all-in sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, to rise about 8% to 10% and copper’s AISC to be 2% to 4% lower from the previous quarter.
Barrick is scheduled to release its fourth-quarter results on Feb. 14.
Short Link:
https://www.miningnews.ir/En/News/627866
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...