Barrick Gold Corporation announced its preliminary first quarter production results Thursday, saying it had made good progress in achieving its short-term goals as well as its full-year objectives during the first quarter.
In a press release Barrick said the company is “rapidly progressing the implementation of the joint venture agreement signed with Newmont in March, which will create the world’s single-largest gold producer and allow both partners to realize the enormous potential of Nevada’s mineral endowment.”
The preliminary first quarter numbers showed that across its portfolio, Barrick produced 1.37 million ounces of gold and 106 million pounds of copper, and sold 1.37 million ounces of gold and 103 million pounds of copper, which is in line with the company’s operating plans and guidance. In the previous quarter Barrick produced 1.26 million ounces of gold and 109 million pounds of copper, and in the first quarter of 2018 the company produced 1.05 million ounces of gold and 85 million pounds of copper.
Barrick merged with Randgold Resources Ltd. at the start of 2019, so the number of gold mines in its worldwide portfolio in addition to its Nevada operations increased from eight to 12.
The production results show that in Nevada in the first quarter of 2019 the Cortez mine produced 262,000 ounces of gold and sold 259,000 ounces; Goldstrike, along with the 60 percent equity share of South Arturo, produced 233,000 ounces and sold 239,000 ounces; and Turquoise Ridge (75 percent) produced 77,000 ounces and sold 76,000, for a total Barrick Nevada production of 572,000 ounces. In the previous quarter, Cortez, Goldstrike and Arturo produced 620,000 ounces and Turqoise Ridge produced 74,000 ounces, for a total Nevada gold production of 694,000 ounces.
In 2018, Barrick’s Cortez and Goldstrike operations in Nevada produced 2.1 million ounces of gold at all-in sustaining costs of $649 per ounce. The outlook for these mines for 2019 is a production of 1.75 to 1.9 million ounces of gold at all-in sustaining costs of $850 to $900 per ounce.
Barrick’s first quarter report highlighted the Kibali mine in Democratic Republic of Congo, which is one of the largest gold mines in Africa. The mine, which had been part of the Randgold portfolio, set a production record in 2018, and is on track for another record performance in 2019, after producing 93,000 ounces in the first quarter.
The average market price for gold in the first quarter was $1,304 per ounce, while the average market price for copper was $2.82 per pound.
Barrick will provide additional discussion and analysis regarding first quarter production and sales when quarterly results are reported on May 8.