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Barrick's gold production down 10% in Q3'17


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Barrick's gold production down 10% in Q3'17

Barrick Gold Corp. reported a 10% drop in third-quarter gold production year over year, down from 1.38 million ounces in 2016 to 1.24 million ounces in 2017.

Quarterly copper production increased 15% year over year, from 100 million pounds to 115 million pounds, on an equity basis.

Barrick said the results, coming in a preliminary Oct. 11 release of production and sales figures, were in line with expectations and it anticipated production picking up in the fourth quarter.

Gold production during the first three quarters of the year decreased slightly to 3.98 million ounces from 4 million ounces of gold on an annual basis, while copper production was flat at 314 million pounds.

In a breakdown of its operations, the miner reported year-over-year declines in gold production across the board for the third quarter.

The production drop included Barrick's Nevada mines, its 60%-owned Pueblo Viejo mine in the Dominican Republic and its 63.9%-owned Acacia Mining plc operations in Tanzania, where a ban on concentrate exports hit output.

Barrick also reported a drop in gold sales, from 1.39 million ounces in the third quarter of 2016 to 1.23 million ounces in the third quarter of 2017. Copper sales increased slightly year over year from 102 million pounds to 107 million pounds.

The preliminary release of quarterly production and sales figures is new for Barrick, which aims to boost transparency. Full quarterly results are scheduled to be released Oct. 25.