All amounts expressed in U.S. dollars
TORONTO, July 18, 2019 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (GOLD)(ABX.TO) announced today that it continues to make good progress on achieving its goals and objectives set out at the start of the year.
Reflecting another solid operating performance across its portfolio, Barrick announced preliminary second quarter sales of 1.37 million ounces of gold and 96 million pounds of copper, as well as preliminary second quarter production of 1.35 million ounces of gold and 97 million pounds of copper. The average market price for gold in the second quarter was $1,309 per ounce, while the average market price for copper in the second quarter was $2.77 per pound.
Preliminary second quarter gold sales and production are in line with the solid base set in the first quarter and support annual production at the upper end of the 2019 group guidance range, driven by strong performances from Loulo-Gounkoto and Veladero offset by lower production at Barrick Nevada, as guided, and production interruptions at Pueblo Viejo. This is before including the impact of the Nevada Gold Mines joint venture transaction that was successfully completed on July 1, 2019 and which, as indicated, is expected to positively impact the production outlook for the year. Second quarter gold costs per ounce are expected to be marginally higher than Q1 2019.
Preliminary second quarter copper sales and production were slightly lower than the first quarter of the year, primarily as a result of lower production at Lumwana. Despite this, the ongoing efficiency initiatives that have been implemented are expected to result in a slight quarter-over-quarter decrease in our copper costs per pound. The 2019 copper production and cost guidance is unchanged.
Barrick will provide additional discussion and analysis regarding its second quarter production and sales when the Company reports its quarterly results before North American markets open on August 12, 2019, followed by a live presentation by President and CEO Mark Bristow at 11:00 am EDT at Barrick's corporate office in Toronto. The presentation will be linked to a webcast and conference call.
The following table includes preliminary gold and copper production and sales results from our operations:
|Three months ended June 30, 2019|
|Gold (equity ounces (000s))|
|Turquoise Ridge (75%)||65||85|
|Pueblo Viejo (60%)||124||132|
|Copper (equity pounds (millions))|
|Jabal Sayid (50%)||16||17|
|Kathy du Plessis |
Investor & Media Relations
+44 20 7557 7738
|David Lee |
Director, Investor Relations
+1 416 307 5164
The scientific and technical information contained in this news release has been reviewed and approved by: Steven Yopps, MMSA, Barrick’s Director - Metallurgy, North America; Chad Yuhasz, P.Geo, Barrick’s Mineral Resource Manager, Latin America and Australia Pacific; and Simon Bottoms, CGeol, Barrick's Mineral Resources Manager, Africa and Middle East – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Second Quarter 2019 Results
Barrick will release its Second Quarter 2019 Results before market open on August 12, 2019, followed by a live presentation by President and CEO Mark Bristow at 11:00 am EDT at Barrick's corporate office in Toronto. The presentation will be linked to a webcast and conference call.
US and Canada, 1-800-319-4610
UK, 0808 101 2791
International, +1 416 915-3239
The webcast will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1-855-669-9658 (US and Canada) and +1 604 674-8052 (international), access code 3391.
Includes our 60% equity share of South Arturo.
Cautionary Statements Regarding Preliminary Second Quarter Production and Sales for 2019, and Forward-Looking Information
Barrick cautions that, whether or not expressly stated, all second quarter figures contained in this press release including, without limitation, production levels and sales are preliminary, and reflect our expected second quarter results as of the date of this press release. Actual reported second quarter production levels and sales are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. Barrick will provide additional discussion and analysis and other important information about its second quarter production levels and sales and associated costs when it reports actual results on August 12, 2019. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s second quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the information contained herein.
Finally, Barrick cautions that this press release contains forward-looking statements with respect to: (i) Barrick’s production; and (ii) costs per ounce for gold and per pound for copper.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; the duration of the Tanzanian ban on mineral concentrate exports; the ultimate terms of any definitive agreement between Acacia and the Government of Tanzania to resolve a dispute relating to the imposition of the concentrate export ban and allegations by the Government of Tanzania that Acacia under-declared the metal content of concentrate exports from Tanzania and related matters; whether Acacia will approve the terms of any final agreement reached between Barrick and the Government of Tanzania with respect to the dispute between Acacia and the Government of Tanzania; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.