Barrick Gold expects 15% drop in Q2 gold output (updated)

Aion-Tech Solutions

16/07/2020 12:39

(Adds details from statement, background on Porgera mine)
    July 16 (Reuters) - Barrick Gold Corp  ABX.TO   GOLD.N  on
Thursday estimated a 15% drop in second-quarter gold production
as operations at its Veladero mine in Argentina were impacted by
the COVID-19 pandemic. 
    The world's second-largest gold miner said production was
also hurt by a planned shutdown at its Pueblo Viejo mine in the
Dominican Republic and lower output at the Porgera gold mine in
Papua New Guinea. urn:newsml:reuters.com:*:nL4N2CO258
    Barrick had lowered its full-year attributable gold
production forecast earlier this year as the Porgera mine was
placed on care and maintenance after a government dispute in
April.  urn:newsml:reuters.com:*:nL4N2CO258
    Barrick and China's Zijin Mining  601899.SS  each own 47.5%
of the Porgera mine and last week they approached the World
Bank's International Centre to try to settle the
dispute. urn:newsml:reuters.com:*:nL4N2EH2EI
    The miner on Thursday said it anticipates gold production of
1.15 million ounces for the second quarter compared with 1.35
million ounces a year earlier.
    Average market price for gold was $1,711 per ounce in the
quarter ended June 30, the Canadian miner said in a statement. 
    Toronto-based Barrick is slated to announce its
second-quarter results on Aug. 10.
    

 (Reporting by Shradha Singh in Bengaluru; Editing by Amy Caren
Daniel)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))