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Barrick's Q1 output in line with guidance

The world’s second largest gold miner by output Barrick Gold has reported “solid operating performance across its portfolio” for the three months ended March 31.
Barrick's Q1 output in line with guidance Barrick's Q1 output in line with guidance Barrick's Q1 output in line with guidance Barrick's Q1 output in line with guidance Barrick's Q1 output in line with guidance

Barrick expects another record performance from the Kibali mine, in the Democratic Republic of Congo

The major, supplanted Thursday as the world's biggest gold producer by the formal creation of Newmont Goldcorp, said preliminary production came to 1.37 million ounces of gold and 106 million pounds of copper, which were in line with its operating plans and 2019 guidance. In the first quarter of 2018, Barrick produced 1.05Moz gold and 85Mlb copper.

The company's Barrick Nevada business segment accounts for most of its production, delivering 572,000oz in the quarter.

The miner is targeting gold production of between 5.1-5.6Moz gold and 375-430Mlb copper in 2019.

Barrick last month agreed to form a JV with Newmont involving their complementary assets in Nevada, which will create the world's largest gold operation. The company said Thursday it continued to make "rapid progress" on implementing the JV.

Barrick added it expected another record year from its 45%-owned Kibali mine in the Democratic Republic of Congo. Kibali contributed 93,000oz to the group's first-quarter output.

Barrick said it had sold 1.37Moz gold and 103Mlb copper in the first quarter. The average market price in the quarter for gold was $1,304/oz and $2.82/lb for copper.

The company expects to report its first-quarter financial results on May 8.