- All amounts expressed in US dollars
TORONTO — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “company”) today reported preliminary first quarter sales of 1.22 million ounces of gold and 110 million pounds of copper as well as preliminary first quarter production of 1.25 million ounces of gold and 115 million pounds of copper.
President and Chief Executive Mark Bristow said these results positioned Barrick well to achieve its guidance for the year despite the impact of the global Covid-19 pandemic and the resultant lockdowns1.
Bristow also said comprehensive programs to counter the spread of Covid-19 were in action at all of Barrick’s operations and it had taken the necessary steps to manage the impact of the pandemic on its business. As announced earlier, the company has provided financial aid and support to its host countries to strengthen their campaigns against the virus.
The average market price for gold in the first quarter was $1,583 per ounce, while the average market price for copper in the first quarter was $2.56 per pound. The company’s first quarter realized copper price2 is expected to be 12-14% below the average first quarter market price for copper, primarily as a result of provisional pricing adjustments3 that reflect the downward trend in copper prices over the period.
First quarter gold costs, including cost of sales per ounce4, total cash costs per ounce5 and gold all-in sustaining costs per ounce5, are expected to be similar to the fourth quarter of 2019. Preliminary first quarter copper production was in line with the fourth quarter of 2019, while preliminary first quarter copper sales improved from the previous quarter following the completion of a major refurbishment at a third-party smelter that processes a portion of Lumwana’s concentrate. First quarter copper cost of sales per pound4 are expected to be 12-14% lower than the prior quarter. C1 cash costs per pound5 and copper all-in sustaining costs per pound5 are expected to be 17-19% and 27-29% lower, respectively, than the fourth quarter of 2019, primarily due to the increase in copper sales.
Barrick will provide additional discussion and analysis regarding its first quarter production and sales when the company reports its quarterly results before North American markets open on May 6, 2020. Given our Covid-19 protocols, Mark Bristow will host an interactive webinar on the results at 11:00 EDT/15:00 UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.?
The following table includes preliminary gold and copper production and sales results from Barrick's operations:
Three months ended
March 31, 2020
Production Sales
Gold (equity ounces (000s))
Carlin6 (61.5%) 253 256
Cortez (61.5%) 128 128
Turquoise Ridge (61.5%) 84 87
Phoenix (61.5%) 35 30
Long Canyon (61.5%) 26 27
Nevada Gold Mines (61.5%) 526 528
Pueblo Viejo (60%) 143 144
Loulo-Gounkoto (80%) 141 123
Kibali (45%) 91 88
Veladero (50%) 75 57
North Mara (84%) 65 70
Porgera (47.5%) 62 63
Tongon (89.7%) 61 58
Hemlo 57 58
Buzwagi (84%) 22 24
Bulyanhulu (84%) 7 7
Total Gold 1,250 1,220
Copper (equity pounds (millions))
Lumwana 64 63
Zaldívar (50%) 31 30
Jabal Sayid (50%) 20 17
Total Copper 115 110
First Quarter 2020 Results Announcement and Webinar
Barrick will release its First Quarter 2020 results before market open on May 6, 2020. Given our Covid-19 protocols, President and CEO Mark Bristow will host an interactive webinar on the results at 11:00 EDT/15:00 UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.
Webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
International (toll) +1 416 915 3239
The Q1 2020 presentation materials will be available on Barrick’s website at www.barrick.com
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