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Gold Miner Ends Quarter with Surprising Production Beat

Barrick Gold 1Q Output Listed At 1.05 Million Ounces

April 12, 2018

 

Barrick Gold Corp. (NYSE, TSX: ABX) produced 1.05 million ounces of gold during the first quarter and sold 1.07 million, according to preliminary data reported by the company late Wednesday.The company also produced and sold 85 million pounds of copper.Based on past earnings reports, the gold output was down from 1.34 million ounces in the fourth quarter and 1.31 million in the year-ago period. Barrick’s fourth-quarter copper production was 99 million pounds.BMO Capital Markets said the gold output was in line with BMO’s estimate of 1.06 million ounces. “Better-than-expected production at Barrick Nevada was offset by lower production at Turquoise Ridge, Porgera and Hemlo,” BMO said.Nevada operations provide the largest share of Barrick’s output at 471 million ounces.

 

Meanwhile, BMO said Barrick’s copper output was below the BMO estimate of 111 million pounds. Barrick said the company’s first-quarter realized copper price is expected to be approximately 5% below the market average to provisional pricing adjustments.The company is scheduled to report complete first-quarter financial results on April 23.

 

Source: http://www.kitco.com/new