Barrick Gold Preliminary Q1 Gold Production Down Sequentially

(RTTNews) - Barrick Gold Corporation (GOLD), a Canadian miner, on Tuesday reported preliminary first-quarter gold production of 940K ounces and 40K tons of copper, as well as sales of 910K ounces of gold and 39K tons of copper.

The average market price for gold in the quarter was $2,070 per ounce, while $3.83 per pound for copper.

Preliminary first-quarter gold production was lower than the fourth-quarter of 2023, due to planned maintenance at Nevada Gold Mines and mine sequencing at various sites.

Preliminary first-quarter copper production was lesser than its previous quarter, as a result of lower grades mined at Lumwana in accordance with the mine plan.

As announced earlier, Barrick's gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from the second-quarter and the Porgera mine restart continuing in line with plans.

In addition, the company said that it is on the track to achieve its full-year gold and copper guidance.

Barrick will release its first-quarter results on May 1.