Barrick third-quarter gold output rises nearly 5% sequentially

Barrick third-quarter gold output rises nearly 5% sequentially

Barrick third-quarter gold output rises nearly 5% sequentially

Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren

Oct 14 (Reuters) – Miner Barrick Gold Corp (ABX.TO), on Thursday reported a nearly 5% rise in third-quarter gold production from the previous three months, helped by improved performance at its Veladero mine in Argentina.

Total preliminary gold production rose to 1.09 million ounces in the three months ended Sept. 30, from 1.04 million ounces in the previous quarter. Analysts on average had expected output of 1.144 million ounces, according to Refinitiv data.

Barrick said production of the yellow metal at the Veladero mine rose to 48,000 ounces in the third quarter from 31,000 ounces in the prior quarter.

The Canadian miner, which hopes to restart the Porgera gold mine in Papua New Guinea this year after resolving a standoff with the government, said it remains on track to achieve its 2021 output forecast.

The miner’s copper production rose 4.16% sequentially to 100 million pounds.

Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni

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