Barrick Gold (TSX:ABX) on track to achieve FY production targets

• Barrick Gold (ABX) has reported another quarter of strong production and says it remains on track to hit its full-year production forecasts
• For the third quarter of 2020, the company produced a total of 1.15 million ounces of gold and 103 million pounds of copper
• Total sales also remained strong, with 1.25 million ounces of gold sold along with 116 million pounds of copper
• The marginally improved gold production was largely due to greater contributions from Carlin and Pueblo Viejo following the completion of scheduled plant maintenance
• Barrick Gold (ABX) is currently down 0.91 per cent and is trading at C$36.87 per share

Barrick Gold (ABX) has reported another quarter of strong production and says it remains on track to hit its full-year production targets.

During the third quarter of 2020, the Toronto-based mining giant produced a total of more than 1.15 million ounces of gold and roughly 103 million pounds of copper.

Gold production was marginally higher compared to the second quarter, despite the continued absence of contributions from the Porgera operation in Papua New Guinea, which was put on a care and maintenance schedule in late April.

However, this the Carlin and Pueblo Viejo operations picked up the slack, due largely to the recent completion of scheduled plant maintenance.

Copper production, on the other hand, fell slightly in comparison to the second quarter, primarily due to work at Lumwana which led to a drop in throughput.

Barrick also reported strong sales for the quarter. Just under 1.25 million ounces of gold were sold along with 116 million pounds of copper. This was made with an average gold price of approximately C$2,528 (US$1,909) per ounce and an average copper price of $3.92 (US$2.96) per pound.

Based on these prices, all-in sustaining costs per ounce of gold are expected to be five to seven per cent lower than the second quarter, while copper costs per pound will be six to eight per cent higher, due largely as a result of higher capitalised stripping at Lumwana.

So far this year, the company has produced 3.55 million ounces of gold, which puts it firmly on track to achieve its previously announced full-year target of between 4.6 and 5 million ounces of gold.

Barrick Gold (ABX) is currently down 0.91 per cent and is trading at C$36.87 per share at 10:14am EDT.