Barrick Gold Corp. (TSX:ABX) has reported that its second-quarter gold production fell 5.4% from the previous quarter due to planned maintenance shutdowns at its Nevada Gold Mine in the U.S. and Pueblo Viejo mine in the Dominican Republic.
Total preliminary gold production fell to 1.04 million ounces in the three months ended June 30, from 1.10 million ounces in the first quarter, the company said. Analysts had expected production of 1.15 million ounces in the second quarter, according to Refinitiv data.
The largest Canadian gold miner projected second quarter all-in sustaining costs per ounce, a key industry metric, to be 6% to 8% higher than in the previous quarter.
Barrick, which is the world's second biggest gold miner by reserves, said it is optimistic that its Porgera gold mine in Papua New Guinea could restart this year after reaching an agreement with the government of that country in April.
The company’s copper production rose 3.2% to 96 million pounds in the second quarter from the first quarter. Barrick said all-in sustaining costs per pound are expected to be 20% to 22% higher than the previous quarter, largely due to lower sales at its Lumwana mine in Zambia and maintenance at its Zaldivar mine in Chile.
The company reiterated that its gold and copper production in the second half of 2021 is expected to be higher than in this year’s first half.
Barrick Gold Corp. is scheduled to report full second-quarter results on August 9.
