The world's leading gold company produced 1.35 million ounces of gold and 97 million pounds of copper driven by strong performances from Loulo-Gounkoto in Mali and Veladero in Argentina, where production increased 14.8% and 7%, respectively.
However, this was slightly down from the 1.36Moz and 106Mlb produced in the first quarter due to lower production at Barrick Nevada (-8%) and production interruptions at Pueblo Viejo (-16.2%) in Dominican Republic. The fall in copper output was due to lower production at Lumwana in Zambia (-19.7%).
Barrick concluded a transaction to establish Nevada Gold Mines, a joint venture with Newmont Goldcorp in which it owns 61.5% and is the operator, at the start of July and expects this to positively impact its production outlook for the year.
Nevada Gold Mines assets comprise 10 underground and 12 openpit mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap leach facilities. Nevada Gold has proven and probable reserves of 48.3Moz; measured and indicated resources of 27.4Moz and 7.5Moz of inferred resources.
In 2018, these assets produced 4.1Moz and Nevada Gold Mines is targeting production of between 1.8 and 1.9Moz in the second semester of 2019.
Shares in Barrick Gold (TSX:ABX) are trading at C$21.83, valuing the company at $38.2 billion. Its share price has increased 22.4% so far this year.