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Barrick hits upper end of FY'16 gold production target

Barrick Gold Corp. on Jan. 25 said it produced 5.52 million ounces of gold in 2016, hitting the higher end of its guidance range of 5.25 million to 5.55 million ounces, but lower than the 6.1 million ounces of gold produced in 2015.

Production for the final quarter of 2016 totaled 1.52 million ounces of gold, down year over year from 1.62 million ounces.

According to preliminary figures, Barrick's full-year, all-in sustaining costs are expected to be at or slightly below the lower end of its guidance range of US$740 per ounce to US$775 per ounce of gold.

Copper production for the full year dropped to 415 million pounds, from 511 million pounds in 2015, while staying in line with the company's production guidance of 380 million pounds to 430 million pounds. Full-year, all-in sustaining cost for copper is anticipated at US$2 to US$2.20 per pound.

For the fourth quarter of 2016, copper output amounted to 101 million pounds, compared to 138 million pounds in the same quarter of 2015.

"Our portfolio delivered progressively stronger performance over the course of 2016 as we focused on driving improvements in productivity and efficiency across our operations," Barrick President Kelvin Dushnisky said.

Out of all of its mines, Barrick's Goldstrike operation in Nevada produced the most gold in 2016, coming in at 1.1 million ounces, while its Lumwana operation in Zambia produced the most copper during the year, with 271 million pounds.

Detailed results are scheduled to be released Feb. 15.