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Miner Barrick's second-quarter gold, copper output rises sequentially
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Miner Barrick's second-quarter gold, copper output rises sequentially
Jul 16, 2024 4:39 AM

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)

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