HomeBusinessUPDATE 1-Barrick Gold reports lower preliminary gold and copper production for the...

UPDATE 1-Barrick Gold reports lower preliminary gold and copper production for the first quarter

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April 16 (Reuters) – Canadian miner Barrick Gold said on Tuesday its gold and copper production fell sequentially in the first quarter, hit by lower grades and maintenance at its mines.

The company added that it expects gold and copper production to increase quarterly throughout the year, with the Pueblo Viejo gold mine in the Dominican Republic increasing from the second quarter.

Barrick reported total preliminary production of 940,000 ounces of gold and 40,000 tonnes of copper in the three months ended March 31, compared with 1.05 million ounces of gold and 113 million pounds of copper in the previous quarter.

The quarter’s all-in sustaining cost (AISC) per ounce of gold, an industry measure that reflects total spending, is expected to be about 7% to 9% higher than the previous quarter.

Copper’s AISC for the first quarter is expected to rise between 14% and 16% from the previous quarter.

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U.S. shares of the company were down 1.4% in premarket trading, while spot gold fell 0.4%.

The Toronto, Canada-based company is expected to report fourth-quarter results on May 1, 2024. (Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)

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