Barrick Gold Reports Preliminary Q1 Production Results; On Track To Achieve FY Guidance

(RTTNews) - Barrick Gold Corp. (GOLD, ABX.TO) reported preliminary first-quarter sales of 0.95 million ounces of gold and 89 million pounds of copper. Preliminary first quarter production was 0.95 million ounces of gold and 88 million pounds of copper.

The company said, gold production was lower than fourth quarter of prior year primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. Copper production was lower than fourth quarter of prior year, driven by lower production at Lumwana and Zaldívar.

The company said, as previously guided, gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year. Barrick Gold said it remains on track to achieve full year gold and copper guidance.