Barrick’s gold output rises nearly 5% sequentially on Argentine mine boost By Reuters

Barrick’s gold output rises nearly 5% sequentially on Argentine mine boost By Reuters



© Reuters. FILE PHOTO: Souvenir baggage tags are displayed at a Barrick Gold Corp on the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren

(Reuters) -Miner Barrick Gold (NYSE:) Corp, on Thursday reported a nearly 5% rise in third-quarter gold manufacturing from the earlier three months, as output jumped at its Veladero mine in Argentina.

Barrick, the world’s second-largest gold miner by reserves, additionally reiterated its annual output forecast, saying that fourth-quarter manufacturing was set to be the strongest of the yr.

In the three months ended Sept. 30, whole preliminary gold manufacturing rose to 1.09 million ounces, from 1.04 million ounces within the earlier quarter. Analysts had anticipated a determine of 1.14 million ounces, Refinitiv knowledge confirmed.

The output was underpinned by a nearly 55% soar in manufacturing of the yellow steel on the Veladero mine after it commissioned growth works on the website.

The miner’s manufacturing rose 4.16% sequentially to 100 million kilos.

The firm mentioned the third-quarter realized copper value was anticipated to be 5% to 7% under the common market value of $4.25 per pound, primarily because of changes that mirror the downward development in copper costs through the quarter.

It estimated all-in sustaining prices, a key business metric, to be 4% to six% decrease sequentially for each gold and copper.

It additionally mentioned output on the Hemlo mine in Canada was anticipated to be under its annual outlook because the ramp-up of underground improvement had slowed because of COVID-19 motion curbs.

Barrick, which hopes to restart the Porgera gold mine in Papua New Guinea this yr after resolving a standoff with the federal government, is slated to report third-quarter outcomes on Nov. 4.

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