Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) Thursday announced that its preliminary second-quarter gold and copper production increased sequentially, driven by higher output its Carlin mine in Nevada as well as higher grades achieved at both Kibali in Democratic Republic of Congo and Veladero in Argentina.
The mining giant also said it remains on track to achieve its full-year guidance, with gold and copper production in the second half expected to be stronger than the first six months.
Barrick’s total preliminary gold output was 1.01 million ounces in the three months ending June 30, up 6% from the March quarter, but marginally lower than analysts' expectation of 1.07 million ounces, Reuters reported, citing Refinitiv data.
Barrick added that all-in sustaining costs (AISC) for its gold mining operations are expected to fall 2% quarter over quarter.
Meanwhile, the company reported 2Q copper production of 107 million pounds, up 22% from 1Q, driven by higher output at the Lumwana mine in Zambia, while AISC for its copper operations are expected to decline 7% to 9% sequentially.
Barrick Gold is scheduled to release its second-quarter operational and financial results on August 8.
Shares of Barrick Gold edged up 0.3% to US$17.54 in mid-morning trading Thursday on the New York Stock Exchange.
Contact Sean at sean@proactiveinvestors.com