All amounts expressed in U.S. dollars
In a positive start to the year, Barrick Gold Corporation
(NYSE:GOLD) (TSX:ABX) (“Barrick” or the “Company”) announced today
it had made good progress in achieving its short-term goals as well
as its full-year objectives during the first quarter.
After setting a production record at the Kibali
mine in 2018, the Company announced that the operation is on track
for another record performance in 2019. Barrick is also rapidly
progressing the implementation of the joint venture agreement
signed with Newmont in March, which will create the world’s
single-largest gold producer and allow both partners to realize the
enormous potential of Nevada’s mineral endowment.
Reflecting a solid operating performance across
its portfolio, Barrick announced preliminary first quarter sales of
1.37 million ounces of gold and 103 million pounds of copper, as
well as preliminary first quarter production of 1.37 million ounces
of gold and 106 million pounds of copper—in line with the Company’s
operating plans and guidance. The average market price for gold in
the first quarter was $1,304 per ounce, while the average market
price for copper in the first quarter was $2.82 per pound.
Barrick will provide additional discussion and
analysis regarding first quarter production and sales when the
Company reports quarterly results before North American markets
open on May 8, 2019, followed by a live presentation by President
and CEO Mark Bristow at 11:00 EDT, linked to a conference call and
webcast.
The following table includes preliminary gold
and copper production and sales results from our operations:
|
Three months ended March 31, 2019 |
|
Production |
Sales |
Gold
(equity ounces (000s)) |
Cortez |
262 |
259 |
Goldstrike1 |
233 |
239 |
Turquoise Ridge (75%) |
77 |
76 |
Barrick Nevada |
572 |
574 |
Pueblo Viejo (60%) |
148 |
142 |
Loulo-Gounkoto (80%) |
128 |
128 |
Kibali (45%) |
93 |
90 |
Veladero (50%) |
70 |
68 |
Acacia (63.9%) |
67 |
67 |
Porgera (47.5%) |
66 |
65 |
Tongon (89.7%) |
61 |
61 |
Hemlo |
55 |
58 |
Kalgoorlie (50%) |
55 |
58 |
Lagunas Norte |
35 |
37 |
Morila (40%) |
10 |
10 |
Golden
Sunlight |
7 |
7 |
Total Gold |
1,367 |
1,365 |
|
|
|
Copper
(equity pounds (millions)) |
Lumwana |
61 |
61 |
Zaldívar (50%) |
28 |
28 |
Jabal
Sayid (50%) |
17 |
14 |
Total Copper |
106 |
103 |
Enquiries:
Investor & Media Relations Kathy du
PlessisTel/mobile: +44 20 7557 7738 barrick@dpapr.com
Senior Vice-President, Investor Relations
Deni NicoskiTel +1 416 307 7410 DNicoski@barrick.com
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this press 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.
First Quarter 2019 Results
Barrick will release its First Quarter 2019
Results before markets open on May 8, 2019, followed by a live
presentation by President and CEO Mark Bristow at 11:00 EDT, linked
to a conference call and webcast.
U.S. and Canada, 1-800-319-4610UK, 0808 101
2791International, +1 416 915-3239Webcast
If you wish to attend the presentation in
Toronto, please contact Deni Nicoski at investor@barrick.com. The
Q1 2019 presentation materials will be available on Barrick’s
website at www.barrick.com.
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 (U.S. and Canada) and +1 604 674-8052
(international), access code 3107.
Endnote 1
Includes our 60% equity share of South
Arturo.
Cautionary Statements Regarding
Preliminary First Quarter Production and Sales for 2019, and
Forward-Looking Information
Barrick cautions that, whether or not expressly
stated, all first quarter figures contained in this press release
including, without limitation, production levels and sales are
preliminary, and reflect our expected first quarter results as of
the date of this press release. Actual reported first 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 first quarter production levels and sales and
associated costs when it reports actual results on May 8, 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
first 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) the implementation of the proposed
Nevada joint venture with Newmont Mining Corporation ("Newmont")
and the realization of the potential of Nevada's mineral
endowment.
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; the ability to realize the anticipated
benefits of the proposed Nevada joint venture (including estimated
synergies and financial benefits) or implementing the business plan
for the proposed Nevada joint venture, including as a result of a
delay in its completion or difficulty in integrating the Nevada
assets of the companies involved; the risk that the conditions to
formation of the proposed Nevada joint venture will not be
satisfied; the risk that required regulatory approvals necessary to
form the proposed Nevada joint venture will not be obtained, or
that conditions will be imposed in connection with such approvals
that will increase the costs associated with the transaction or
have other negative implications for Barrick following the
transaction; the risk that the focus of management's time and
attention on the transaction may detract from other aspects of the
respective businesses of Barrick and Newmont; 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.
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