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Barrick Reports Preliminary Third Quarter Production Results
TORONTO, ONTARIO--(Marketwired - Oct. 12, 2017) -
All amounts expressed in U.S. dollars
Barrick Gold Corporation (ABX)(ABX) ("Barrick" or the "Company") today announced preliminary third quarter production of 1.24 million ounces of gold, and 115 million pounds of copper, and preliminary third quarter sales of 1.23 million ounces of gold, and 107 million pounds of copper. The average market price for gold in the third quarter was $1,278 per ounce, while the average market price for copper was $2.88 per pound.
"Our operations continue to deliver solid results and remain on track for the year, with third quarter gold and copper production in line with expectations," said Barrick President Kelvin Dushnisky. "As stated previously, we expect higher production and lower costs in the fourth quarter."
Barrick will provide additional discussion and analysis regarding third quarter production and sales when the Company reports quarterly results on October 25, 2017. The following table includes preliminary gold and copper production and sales results from our operations:
Production | Sales | ||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | ||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||
Gold (equity ounces (000s)) | |||||||||
Barrick Nevada(1) | 520 | 547 | 1,782 | 1,554 | 556 | 560 | 1,818 | 1,580 | |
Pueblo Viejo(2) | 154 | 189 | 468 | 511 | 142 | 190 | 455 | 502 | |
Lagunas Norte | 96 | 101 | 274 | 325 | 93 | 109 | 283 | 327 | |
Veladero(3) | 99 | 116 | 322 | 367 | 90 | 95 | 344 | 338 | |
Turquoise Ridge | 68 | 72 | 147 | 201 | 66 | 80 | 141 | 188 | |
Acacia(4) | 122 | 131 | 396 | 394 | 85 | 131 | 285 | 388 | |
Other Mines - Gold(5) | 184 | 225 | 595 | 649 | 195 | 221 | 604 | 661 | |
Total | 1,243 | 1,381 | 3,984 | 4,001 | 1,227 | 1,386 | 3,930 | 3,984 | |
Copper (equity pounds (millions)) | 115 | 100 | 314 | 314 | 107 | 102 | 298 | 298 | |
ENDNOTES
Includes our 60% equity share of Arturo.
Reflects our 60% equity share of Pueblo Viejo.
Reflects our 50% equity share of Veladero from July 1, 2017 onwards.
Reflects our 63.9% equity share of Acacia.
Includes Golden Sunlight, Hemlo, Porgera on a 47.5% basis, Kalgoorlie on a 50% basis, and Bald Mountain and Round Mountain up to January 11, 2016 - the effective date of sale of the assets.
TECHNICAL INFORMATION
The scientific and technical information contained in this press release has been reviewed and approved by Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick who is a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
THIRD QUARTER 2017 RESULTS
Barrick will report detailed third quarter results on Wednesday, October 25, after markets close, followed by a conference call and webcast on October 26 at 8:00 am ET.
Toll Free (U.S. and Canada): 1-800-319-4610
International: +1 416 915-3239
The webcast and presentation materials will be available on Barrick's website at www.barrick.com. The conference call will be available for replay by phone at 1-855-669-9658 (U.S. and Canada toll free), and +1 604 674-8052 (international), access code 1699.
CAUTIONARY STATEMENTS REGARDING PRELIMINARY THIRD QUARTER PRODUCTION AND SALES FOR 2017
Barrick cautions that, whether or not expressly stated, all 2017 figures contained in this press release including production levels and sales are preliminary, and reflect our expected third quarter results as of the date of this press release. Actual reported third 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 third quarter production levels and sales when it reports actual results on October 25, 2017. Barrick further cautions that the information contained in this press release does not provide a complete picture of the Company's overall performance and profitability, as this press release does not address any of the costs associated with the production of gold and copper reported herein. For a complete picture of the Company's financial performance, it will be necessary to review all of the information in the Company's third quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the production information contained herein.
