Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced today that
it continues to make good progress on achieving its goals and
objectives set out at the start of the year.
Reflecting another solid operating performance
across its portfolio, Barrick announced preliminary second quarter
sales of 1.37 million ounces of gold and 96 million pounds of
copper, as well as preliminary second quarter production of 1.35
million ounces of gold and 97 million pounds of copper. The average
market price for gold in the second quarter was $1,309 per ounce,
while the average market price for copper in the second quarter was
$2.77 per pound.
Preliminary second quarter gold sales and
production are in line with the solid base set in the first quarter
and support annual production at the upper end of the 2019 group
guidance range, driven by strong performances from Loulo-Gounkoto
and Veladero offset by lower production at Barrick Nevada, as
guided, and production interruptions at Pueblo Viejo. This is
before including the impact of the Nevada Gold Mines joint venture
transaction that was successfully completed on July 1, 2019 and
which, as indicated, is expected to positively impact the
production outlook for the year. Second quarter gold costs per
ounce are expected to be marginally higher than Q1 2019.
Preliminary second quarter copper sales and
production were slightly lower than the first quarter of the year,
primarily as a result of lower production at Lumwana. Despite this,
the ongoing efficiency initiatives that have been implemented are
expected to result in a slight quarter-over-quarter decrease in our
copper costs per pound. The 2019 copper production and cost
guidance is unchanged.
Barrick will provide additional discussion and
analysis regarding its second quarter production and sales when the
Company reports its quarterly results before North American markets
open on August 12, 2019, followed by a live presentation by
President and CEO Mark Bristow at 11:00 am EDT at Barrick's
corporate office in Toronto. The presentation will be linked to a
webcast and conference call.
The following table includes preliminary gold
and copper production and sales results from our operations:
|
Three months ended June 30, 2019 |
|
Production |
Sales |
Gold
(equity ounces (000s)) |
Cortez |
280 |
281 |
Goldstrike1 |
181 |
181 |
Turquoise Ridge (75%) |
65 |
85 |
Barrick
Nevada |
526 |
547 |
Loulo-Gounkoto (80%) |
147 |
148 |
Pueblo
Viejo (60%) |
124 |
132 |
Kibali
(45%) |
95 |
95 |
Acacia
(63.9%) |
101 |
92 |
Veladero
(50%) |
75 |
74 |
Porgera
(47.5%) |
61 |
63 |
Tongon
(89.7%) |
61 |
59 |
Hemlo |
55 |
56 |
Kalgoorlie (50%) |
57 |
55 |
Lagunas
Norte |
39 |
38 |
Morila
(40%) |
6 |
7 |
Golden
Sunlight |
6 |
6 |
Total Gold |
1,353 |
1,372 |
Copper
(equity pounds (millions)) |
Lumwana |
49 |
48 |
Zaldívar
(50%) |
32 |
31 |
Jabal Sayid (50%) |
16 |
17 |
Total Copper |
97 |
96 |
Enquiries:
Kathy du Plessis Investor & Media Relations +44 20 7557
7738 barrick@dpapr.com |
David Lee Director, Investor Relations +1 416 307 5164
davidlee@barrick.com |
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this news release has been reviewed and approved by:
Steven Yopps, MMSA, Barrick’s Director - Metallurgy, North America;
Chad Yuhasz, P.Geo, Barrick’s Mineral Resource Manager, Latin
America and Australia Pacific; and Simon Bottoms, CGeol, Barrick's
Mineral Resources Manager, Africa and Middle East – each a
“Qualified Person” as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
Second Quarter 2019 Results
Barrick will release its Second Quarter 2019
Results before market open on August 12, 2019, followed by a
live presentation by President and CEO Mark Bristow at 11:00 am EDT
at Barrick's corporate office in Toronto. The presentation
will be linked to a webcast and conference call.
US and Canada, 1-800-319-4610UK, 0808 101
2791International, +1 416 915-3239Webcast
If you wish to attend the presentation in
Toronto, please contact David Lee at investor@barrick.com. The Q2
2019 presentation materials will be available on Barrick’s website
at www.barrick.com.
The webcast will remain on the website for later
viewing, and the conference call will be available for replay by
telephone at 1-855-669-9658 (US and Canada) and +1 604 674-8052
(international), access code 3391.
Endnote 1
Includes our 60% equity share of South
Arturo.
Cautionary Statements Regarding
Preliminary Second Quarter Production and Sales for 2019, and
Forward-Looking Information
Barrick cautions that, whether or not expressly
stated, all second quarter figures contained in this press release
including, without limitation, production levels and sales are
preliminary, and reflect our expected second quarter results as of
the date of this press release. Actual reported second quarter
production levels and sales are subject to management’s final
review, as well as review by the Company’s independent accounting
firm, and may vary significantly from those expectations because of
a number of factors, including, without limitation, additional or
revised information, and changes in accounting standards or
policies, or in how those standards are applied. Barrick will
provide additional discussion and analysis and other important
information about its second quarter production levels and sales
and associated costs when it reports actual results on
August 12, 2019. For a complete picture of the Company’s
financial performance, it will be necessary to review all of the
information in the Company’s second quarter financial report and
related MD&A. Accordingly, readers are cautioned not to rely
solely on the information contained herein.
Finally, Barrick cautions that this press
release contains forward-looking statements with respect to: (i)
Barrick’s production; and (ii) costs per ounce for gold and per
pound for copper.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risks associated with projects in the early stages of
evaluation, and for which additional engineering and other analysis
is required; the duration of the Tanzanian ban on mineral
concentrate exports; the ultimate terms of any definitive agreement
between Acacia and the Government of Tanzania to resolve a dispute
relating to the imposition of the concentrate export ban and
allegations by the Government of Tanzania that Acacia
under-declared the metal content of concentrate exports from
Tanzania and related matters; whether Acacia will approve the terms
of any final agreement reached between Barrick and the Government
of Tanzania with respect to the dispute between Acacia and the
Government of Tanzania; disruption of supply routes which may cause
delays in construction and mining activities at Barrick’s more
remote properties; whether benefits expected from recent
transactions are realized; diminishing quantities or grades of
reserves; increased costs, delays, suspensions and technical
challenges associated with the construction of capital projects;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges and
disruptions in the maintenance or provision of required
infrastructure and information technology systems; failure to
comply with environmental and health and safety laws and
regulations; timing of receipt of, or failure to comply with,
necessary permits and approvals; uncertainty whether some or all of
targeted investments and projects will meet the Company’s capital
allocation objectives and internal hurdle rate; the impact of
global liquidity and credit availability on the timing of cash
flows and the values of assets and liabilities based on projected
future cash flows; the impact of inflation; fluctuations in the
currency markets; changes in national and local government
legislation, taxation, controls or regulations and/ or changes in
the administration of laws, policies and practices, expropriation
or nationalization of property and political or economic
developments in Canada, the United States, and other jurisdictions
in which the Company or its affiliates do or may carry on business
in the future; lack of certainty with respect to foreign legal
systems, corruption and other factors that are inconsistent with
the rule of law; damage to the Company’s reputation due to the
actual or perceived occurrence of any number of events, including
negative publicity with respect to the Company’s handling of
environmental matters or dealings with community groups, whether
true or not; the possibility that future exploration results will
not be consistent with the Company’s expectations; risks that
exploration data may be incomplete and considerable additional work
may be required to complete further evaluation, including but not
limited to drilling, engineering and socioeconomic studies and
investment; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; litigation and legal and administrative
proceedings; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the Company; our ability to
successfully integrate acquisitions or complete divestitures; risks
associated with working with partners in jointly controlled assets;
employee relations including loss of key employees; increased costs
and physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. In
addition, there are risks and hazards associated with the business
of mineral exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion, copper
cathode or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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