10:43 AM EDT, 07/16/2024 (MT Newswires) -- Barrick Gold ( GOLD ) reported Tuesday higher gold and copper production in the second quarter compared to the first quarter, according to preliminary figures.

The miner produced 948,000 ounces of gold and 43,000 tonnes of copper, increasing quarter over quarter from 940,000 ounces of gold and 40,000 tonnes of copper.

Second-quarter sales totaled 956,000 ounces of gold and 42,000 tonnes of copper, rising from first-quarter sales 910,000 ounces of gold and 39,000 tonnes of copper.

Barrick expects its gold and copper production in 2024 to progressively increase each quarter through the year, with a higher weighting in the second half.

The company said it remains on track to achieve its full year 2024 gold and copper guidance.

Barrick has kept a Sector Perform rating and a C$28 price target at National Bank of Canada following the news. The bank noted Q2 2024 ops were light versus its estimates, and the Street. It said the impact was "negative".

The bank said in a Tuesday note that Barrick's gold production of 948k ounces missed its estimate of 993,000 ounces and the consensus forecast of 983,000 ounces. "In our opinion, the weaker than expected Q2 results and modest gold production improvement [quarter over quarter] should weigh on the share price performance today vs peers," National Bank added.

But Barrick's share price was up more than 2% at last look to $25.71 on the TSX.

Price: 25.67, Change: +0.55, Percent Change: +2.19