CM – UPDATE 2-Barrick maintains annual outlook despite the decline in quarterly production

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April 15 (Reuters) – Barrick Gold Corp.

ABX.TO

GOLD.N maintained its outlook for the full year on Thursday

gold

Production fell by almost 9% in the first quarter and was also forecasting higher production in the second half of the year as the Canadian miner starts up some operations.

Prices for gold and

copper

Record highs or multi-year highs were recently reached as a result of stimulus measures that helped free mining companies from disruptions to production due to the COVID-19 pandemic.

The company’s total preliminary gold production decreased from 1 to March 31 for the quarter ended March 31. 21 million ounces in the previous quarter down to 1.10 million ounces, partly due to lower grades at the Pueblo Viejo mine in the Dominican Republic.

Yellow metal production at the Pueblo Viejo mine decreased nearly 14% Barrick said, adding that the total cost per ounce of gold is expected to be 8% to 10% higher than in the previous quarter.

Barrick announced that it is looking to increase its exposure to copper due to its expected increased use in electrification also saw a nearly 22% decrease in red metal production to 93 million pounds.

The miner expects copper production in the two he half of 2021 will be stronger than the first half, mainly due to higher grades from the Lumwana copper mine in Zambia.

recently entered into an agreement with the government of Papua New Guinea to stop the operation of the controversial Porgera mine.

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