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Barrick flags lower copper price

Barrick Gold (CN:ABX) flagged a lower realised copper price for the first quarter as it released its preliminary March production results.
Barrick flags lower copper price Barrick flags lower copper price Barrick flags lower copper price Barrick flags lower copper price Barrick flags lower copper price

Barrick’s Lumwana copper mine

Staff reporter

The gold major produced 85 million pounds of copper for the quarter, which had an average market price of US$3.16 per pound.

"The company's first quarter realised copper price is expected to be approximately 5% below the average first quarter market price for copper, as a result of provisional pricing adjustments that reflect the downward trend in copper prices over the period," the company said.

It produced 1.05 million ounces of gold and sold 1.07Moz in the quarter, according to the preliminary figures, with an average market price at $1,329/oz for the quarter.  

This compares with 1.34Moz of gold and 99Mlb of copper produced in the fourth quarter.

The company has put 2018 guidance at 4.5-5Moz of gold and 385-450Mlb of copper and is likely to lose its title of world's biggest gold producer to Newmont Mining (US:NEM) this year.

Barrick's 2018 outlook is up to a 15% drop on the previous year's production and sits mainly below Newmont's forecast 4.9-5.4Moz.

Barrick will release its full quarterly results on April 23.

Shares in the company have recovered from last month's 52-week low of C$14.26 and closed up 2.24% yesterday to $16.45, but remain down more than 9.5% year-to-date.