Nevada Gold Mines Ltd. produced 535,000 ounces of gold in the third quarter, Barrick Gold Corp. announced Thursday. The figure is for all the Nevada mines formerly owned by Barrick and Newmont Mining Corp.
Nevada Gold Mines became official July 1, so the figures are for the complete quarter. Barrick owns 61.5 percent of the joint venture and Newmont owns the remaining 38.5 percent. Barrick is the operator.
The gold equivalent production amount for the joint venture includes 278,000 ounces from Carlin, 126,000 ounces from Cortez, 82,000 ounces from Turquoise Ridge, 25,000 ounces of gold from Phoenix and 24,000 ounces from Long Canyon. Carlin figures include Goldstrike and the joint venture’s 60 percent share of South Arturo.
Toronto-based Barrick’s preliminary production figures companywide include 1.31 million ounces of gold and 111 million pounds of copper. Third-quarter sales totaled 1.32 million ounces of gold and 64 million pounds of copper.
Barrick reported the average market price for gold in the quarter ending Sept. 30 was $1,474 per ounce, while the average market price for copper in the quarter was $2.63 per pound.
Barrick President and Chief Executive Officer Mark Bristow said in the production announcement that another strong performance across the company’s portfolio reflected the progress management has made in rebuilding a “new, value-focused Barrick since the merger with Randgold at the beginning of the year.”
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The company stated that preliminary gold sales and production were slightly below second-quarter levels because North Mara in Tanzania was affected by operational restrictions in place most of the quarter but lifted by the end of the quarter. Barrick took control of North Mara from Acacia Mine.
According to Reuters, analysts had expected production of 1.35 million ounces in the third quarter, which was the second-quarter total.
Barrick said the company expects full-year gold production to continue to trend upwards towards the upper end of the 5.1 million to 5.6 million ounces in its guidance for 2019, while costs are expected to be at the lower end of the forecast.
Third-quarter gold cost of sales per ounce, however, is expected to be roughly 11 to 13 percent higher than the second quarter mainly because of higher depreciation resulting from price adjustments at Nevada Gold Mines.
Cost figures weren’t included in the third-quarter production report but will be in the third-quarter earnings report that comes out Nov. 6, with Bristow hosting a live presentation in London that day.
Third-quarter copper production was higher than the second quarter mainly because of higher production at Lumwana in Zambia, while copper sales were lower due to a major refurbishment at one of the third-party smelters that processes a portion of the concentrate produced at Lumwana, according to Barrick.
In addition to the Nevada Gold Mines production numbers, Barrick reported gold production from its mines company-wide, including Loulo-Gounkoto in Mali, 80 percent owned by Barrick, 153,000 ounces; Pueblo Viejo in the Dominican Republic, 139,000 ounces, 60 percent owned by Barrick; Kibali in the Democratic Republic of Congo, 91,000 ounces, 45 percent Barrick owned; Porgera in Papua New Guinea, 47.5 percent owned by Barrick; and Tongon in Ivory Coast, 62,000 ounces, 89.7 percent owned by Barrick.
Also, the company stated that Tanzania produced 53,000 ounces, 63.9 percent owned by Barrick, and Veladero in Argentina, 50 percent owned by Barrick, produced 58,000 ounces. Kalgoorlie in Australia produced 58,000 ounces as well and is 50 percent owned by Barrick. Hemlo in Canada produced 49,000 ounces and is 100 percent owned by Barrick. Lagunas Norte in Peru produced 33,000 ounces and is 100 percent owned by Barrick.