Barrick’s Q2 Gold Production Dips

Barrick Gold Corp. reported preliminary Q2 sales of 1.07 million ounces (oz) of gold and 96 million lb of copper. The company said it remains on track to achieve its 2021 guidance of 4.4 to 4.7 million oz of gold, with both the Africa & Middle East and Latin America & Asia Pacific regions trending to the higher end of its regional gold guidance, while North America moves toward the lower end.

The company’s preliminary Q2 gold production (1.04 million oz) was lower than its Q1 gold production (1.10 million oz), with planned maintenance shutdowns at Nevada Gold Mines’ (NGM) processing facilities further impacted by a mechanical mill failure at Carlin’s Goldstrike roaster, as well as planned maintenance at Pueblo Viejo. The Goldstrike roaster is currently operating at a reduced rate and work to repair the mill is expected to be completed in the third quarter. Barrick’s gold production for H2 2021 is forecast to be higher than the first half.

Preliminary Q2 copper production was slightly higher than Q1. Copper sales in Q2 were in line with production, but 15% lower than the previous quarter, as the Lumwana mine in Zambia sold a higher portion of its stockpiled concentrate in Q1 2021. Barrick expects its copper production in the second half of 2021 to be stronger than the first half, mainly driven by higher grades at Lumwana.

Barrick also recently reported on exploration success at its Tongon gold mine in Côte d’Ivoire that could extend mine life. Speaking at a local media briefing, Barrick President and CEO Mark Bristow said 10 years after it went into production Tongon could get a new lease on life thanks to promising results from nearmine exploration campaigns designed to replace the mine’s depleted reserves. In addition to work on the promising Seydou North and Tongon West targets, Tongon has filed the documentation for the extension of its Nielle mining license by a further 10 years, to support the drive to add to its life-of-mine.

This followed an appearance at the Kibali gold mine in Kinshasa, Democratic Republic of Congo (DRC). Addressing the local press there, Bristow said Kibali was continuing to replace its reserves faster than it was mining them, thanks to an aggressive near-mine exploration program.

As featured in Womp 2021 Vol 08 -