July 16 (Reuters) - Canadian miner Barrick Gold ( GOLD )
said on Tuesday its gold production rose sequentially in the
second quarter, helped by increased production at Turquoise
Ridge in Nevada and expansion at the Porgera mine in Papua New
Guinea.
The Porgera mine was placed on care and maintenance in April
2020 following a dispute over benefit-sharing terms between the
government, local people and Barrick during negotiations for
renewal of the mining lease.
The company's total preliminary output was 948,000 ounces of
gold for the quarter ended June 30, up from 940,000 ounces in
the first quarter.
Barrick said it expects all-in sustaining costs (AISC) per
ounce of gold, an industry metric that reflects total expenses,
to rise about 1% to 3% from the previous quarter's $1,474 per
ounce, but expects a drop in the second half of 2024 as
production ramps up.
The Toronto-based miner said its quarterly copper production
was also up at 43,000 tonnes, compared with 40,000 tonnes in the
first quarter, helped by higher grades and recoveries at Lumwana
in Zambia, following planned maintenance shut down in the
previous quarter.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini
Ganguli)