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Barrick reports production figures

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Barrick Gold Corp. on Thursday announced fourth-quarter production of 1.21 million ounces of gold, a drop from 1.44 million ounces in the 2019 quarter for all operations, and the company reported 546,000 ounces of gold production in the quarter for its share of Nevada Gold Mines.

Barrick’s gold production for all of 2020 totaled 4.76 million ounces companywide, down from roughly 5.5 million in 2019, with 2020 a rough year because of the COVID-19 pandemic and a mine shutdown in Papa New Guinea.

Barrick’s shares were at $23.79 in early afternoon trading Thursday, up 21 cents.

The company also reported the average gold price for the fourth quarter was $1,874 per ounce. The gold price on the New York Mercantile Exchange in early afternoon trading Thursday was $1,852.10 per ounce, up from $1,844.60 on Wednesday.

For Nevada alone, Barrick’s preliminary production figures are for its 61.5% ownership of Nevada Gold Mines, and they show that the 546,000 ounces of gold production in the fourth quarter compares with 585,000 ounces in the fourth quarter of 2019.

For all of 2020, Nevada Gold Mines produced 1.13 million ounces of gold for Barrick’s share.

Toronto-based Barrick operates NGM, which is 38.5% owned by Newmont Corp. and covers their formerly separate mines in Nevada. NGM formed July 1, 2019.

For Carlin operations, NGM’s production for Barrick’s account totaled 260,000 ounces of gold, including 40% ownership in South Arturo. That compares with 276,000 ounces in the fourth quarter of 2019. For all of 2020, Carlin produced 1.02 million ounces for the year for Barrick’s share.

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Cortez Mine produced 118,000 ounces in the fourth quarter, down from 133,000 ounces in the same quarter of 2019, and production for the year is 491,000 ounces, according to Barrick’s announcement.

Turquoise Ridge in Humboldt County produced 91,000 ounces of gold in the fourth quarter of 2020, down from 111,000 gold ounces in the fourth quarter of 2019, and Barrick’s share of gold production from the mine in 2020 was 330,000 ounces. Turquoise Ridge figures include the nearby Twin Creeks Mine.

The Phoenix Mine near Battle Mountain, which produces gold and copper but is reported in gold, produced 26,000 ounces of gold in the fourth quarter, compared with 31,000 ounces the prior year, and 126,000 ounces for all of 2020.

Long Canyon between Wells and West Wendover produced 51,000 ounces of gold for Barrick’s share of NGM in the fourth quarter, compared with 34,000 ounces in the 2019 quarter. Long Canyon’s gold production for all of 2020 was 160,000 ounces, according to the preliminary figures.

Barrick also reported that the preliminary figures show that 119 million pounds of copper were produced companywide in the fourth quarter of 2020 and 457 million pounds was produced for the full year, and that was within the guidance range of 440 million to 500 million pounds for 2020.

The average market price for copper in the fourth quarter was $3.25 per pound.

Although Barrick’s production from its operations worldwide was down in 2020 at 4.8 million ounces, the company stated that it met its guidance, which was between 4.6 million and 5 million ounces.

Barrick had reduced its guidance for 2020 back in May because of a conflict with the Papa New Guinea government that stopped production at the Progera Mine in April. There was no production from Progera in the fourth quarter of 2020, the report shows.

Barrick’s full report on the fourth quarter of 2020 and for the 12 months of 2020 will be issued before the market opens on Feb. 18, and Chief Executive Officer Mark Bristow will host an interactive webinar at 8 a.m. Pacific time.


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