Oct 14 (Reuters) - Miner Barrick Gold Corp,
on Thursday reported a nearly 5% rise in third-quarter
gold production from the previous three months, as output jumped
at its Veladero mine in Argentina.
Barrick, the world's second-largest gold miner by reserves,
also reiterated its annual output forecast, saying that
fourth-quarter production was set to be the strongest of the
In the three months ended Sept. 30, total preliminary gold
production rose to 1.09 million ounces, from 1.04 million ounces
in the previous quarter. Analysts had expected a figure of 1.14
million ounces, Refinitiv data showed.
The output was underpinned by a nearly 55% jump in
production of the yellow metal at the Veladero mine after it
commissioned expansion works at the site.
The miner's copper production rose 4.16% sequentially to 100
The company said the third-quarter realized copper price was
expected to be 5% to 7% below the average market price of $4.25
per pound, mainly due to adjustments that reflect the downward
trend in copper prices during the quarter.
It estimated all-in sustaining costs, a key industry metric,
to be 4% to 6% lower sequentially for both gold and copper.
It also said output at the Hemlo mine in Canada was expected
to be below its annual outlook as the ramp-up of underground
development had slowed due to COVID-19 movement curbs.
Barrick, which hopes to restart the Porgera gold mine in
Papua New Guinea this year after resolving a standoff with the
government, is slated to report third-quarter results on Nov. 4.
(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya