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Barrick Gold on Track to Reach 2021 Production Targets

Barrick Gold said it expects gold production in the second half to exceed the first-half level.
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Barrick Gold  (GOLD) - Get Barrick Gold Corporation (BC) Report said Thursday that it was on track to achieve its 2021 production targets as gold prices soared to a seven-week high.

Shares of the Toronto mining company traded on the New York Stock Exchange at last check were climbing 4.7% to $22.10.

Barrick reported preliminary first-quarter production of 1.1 million ounces of gold and 93 million pounds of copper. 

The company also reported preliminary first-quarter sales of 1.09 million ounces of gold and 113 million pounds of copper.

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"We remain on track to achieve 2021 guidance," the company said in a statement.

Gold prices on Thursday climbed to nearly $1,770 an ounce amid stimulus measures that helped mining companies. Production in the industry, like so many others, had been disrupted due to the COVID-19 pandemic.

Kinross Gold  (KGC) - Get Kinross Gold Corporation Report, Yamana Gold  (AUY) - Get Yamana Gold Inc. (Canada) Report and AngloGold Ashanti  (AU) - Get AngloGold Ashanti Limited Report also saw their shares higher on Thursday.

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Barrick said that preliminary first-quarter gold production was lower than it was in the fourth quarter, due mainly to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo. 

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The company said it expects gold production in the second half exceed that of the first half. 

The company said the first-quarter cost of sales per ounce of gold is expected to be slightly higher; total cash costs per ounce are expected to be 2 to 4% higher; and all-in sustaining costs per ounce are expected to be 8% to 10% higher than they were in the fourth quarter.

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Preliminary first-quarter copper production was 22% lower than the fourth-quarter level. 

Barrick said it continued to expect copper production to be stronger in the second half of the year than it was the first half, driven mainly by higher grades from Lumwana.

In February, Barrick Gold reported stronger-than-expected fourth-quarter results and declared a special distribution to holders. 

The company is scheduled to release first-quarter results on May 5.