Higher Nevada production pushes up Barrick Gold's gold output forecasts (updated)

Aion-Tech Solutions

16/01/2020 12:44

(Adds details on production, sales, background)
    Jan 16 (Reuters) - Canadian miner Barrick Gold Corp  ABX.TO 
 GOLD.N  on Thursday forecast fourth-quarter gold production
above analysts' expectations, as its Nevada Gold Mines joint
venture with Newmont Corp  NEM.N  yielded more of the precious
metal.
    The company said it expects the joint venture - located in
the one of the world's largest gold producing areas - to produce
585 million ounces of gold for the three months ended Dec.31.
    Total preliminary gold production rose 14% to 1.44 million
ounces from a year earlier.  urn:newsml:reuters.com:*:nGNX4hZRfC
    Nevada Gold was formed last year after Barrick pulled its
$18 billion hostile bid for Newmont Corp  NEM.N , the world's
largest gold producer, and combined assets with the rival. They
both expect to save more than $5 billion over the next 20 years.
    Last year Barrick also acquired Africa-focused Rangold
Resources to boost its gold reserves and grades.
   Gold gained about 18% in 2019, fueled by investors seeking
safe-haven assets on the back of global recessionary fears
triggered by the long-drawn out trade spat between the United
States and China, the world's two largest economies.
    Barrick's copper output gained 7.3% to 117 million pounds in
the fourth quarter, while it sold 91 million pounds of copper.
    The company also said it expects a quarter-over-quarter
decrease in total cash costs per gold ounce and all-in
sustaining costs per ounce of about 1-3% and 6-8%, respectively.
    

 (Reporting by Arundhati Sarkar in Bengaluru; Editing by
Shinjini Ganguli)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
1524; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))