Altus Strategies gold Cote d'ivoire

Barrick Gold Corporation has announced preliminary full year and fourth quarter 2020 results which indicate that it has met its 2020 guidance targets.

Preliminary gold production for the full year of 4.8 Moz is at the midpoint of the 4.6 to 5.0 Moz guidance range, while preliminary copper production of 457 million pounds is also within the guidance range of 440 to 500 million pounds.

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The preliminary Q4 results show sales for the quarter of 1.19 Moz of gold and 108 million pounds of copper, as well as preliminary Q4 production of 1.21 Moz of gold and 119 million pounds of copper.

The average market price for gold in Q4 was $1,874 per ounce, while the average market price for copper was $3.25 per pound.

Preliminary Q4 gold production was higher than Q3 2020, mainly due to a strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and ongoing improvement at Turquoise Ridge.

Preliminary Q4 gold sales were lower than Q3 2020 as third quarter sales included the export of the remaining stockpiled concentrate in Tanzania. Q4 gold cost of sales per ounce and total cash costs per ounce are expected to be in line with the prior quarter and gold all-in sustaining costs per ounce are expected to be 3-5% lower than in Q3 2020.

Preliminary Q4 copper production was higher than Q3 2020 following completion of plant maintenance at Lumwana in the third quarter. Preliminary Q4 copper sales were lower than the previous quarter, primarily due to the timing of shipments at Lumwana.

Q4 copper cost of sales per pound is expected to be 4-6% higher, Q4 copper cash costs per pound are expected to be 10-12% higher and copper all-in sustaining costs per pound are expected to be 4-6% higher than Q3 2020.

Driving these changes are higher operating costs at Lumwana and Zaldívar, partially offset by lower depreciation and lower sustaining capital at Lumwana.

Barrick will provide additional discussion and analysis regarding its fourth quarter production and sales when the Company reports its quarterly and full year 2020 results before North American markets open on February 18, 2021.

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On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.