Barrick Gold (NYSE:GOLD) Achieves Goals in 2020, Builds Momentum for 2021

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Barrick Gold (NYSE:GOLD) Achieves Goals in 2020, Builds Momentum for 2021

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 Barrick Gold (NYSE:GOLD) Achieves Goals in 2020, Builds Momentum for 2021

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Summary

  • Barrick Gold Corporation has gold and copper operations across the globe.
  • The preliminary data suggests that the guidance for full-year gold and copper production was met.
  • The Company announced a quarterly dividend of $0.09 per share for Q3 2020.

Barrick Gold Corporation (NYSE:GOLD, TSX:ABX) is a gold and copper miner with projects across the globe. Recently, the Company unveiled its preliminary results for Q4 2020 and the full year. The results update suggested that the Company had achieved its production guidance for both gold and copper.

The preliminary data highlighted gold production of 1.21Moz for Q4, and 119 Mlbs of copper. This brings the full-year production of gold to 4.8Moz against the production guidance range of 4.6-5.0 Moz.

The copper production guidance range for 2020 was 440-500 Mlbs, while the Company managed to deliver 457 Mlbs of copper production during the year.

Worldwide operations map (Image Source: Company Presentation, 6 February 2021)

Operations Spread Across Geographies

Barrick has its gold operations spread over four continents -- North America, South America, Asia, and Africa. Among all the projects, Nevada Gold Project in the US makes the largest contribution to the Group production. During the December 2020 quarter, the Nevada mines produced 546,000 ounces of gold while the total group production stood at 1,206,000 ounces.

The Nevada Gold Mines include five mines with a 61.5% interest owned by Barrick. These mines are:

Loulo-Gounkoto Mines Set the Tone for 2021

Barrick reported that production from the Loulo-Gounkoto mine complex in Mali has beaten the production guidance for 2020. The gold complex produced 680,215 ounces of gold during the year 2020.

The COVID-19 pandemic disrupted the operation, yet the Company managed to surpass its guidance range.

Barrick commissioned a 20MW solar power plant on the project. Gounkoto underground mines are expected to add to the Group’s production, scheduled for 2021.

Barrick Making Strides in Copper Production

Barrick was successful in achieving the 2020 production guidance for copper. The Company produced nearly 119Mlbs of copper during the December 2020 quarter, which took the production up to 457Mlbs for the entire year.

Barrick operates three copper projects in three different countries.

Financial Highlights

The average market price for the yellow metal stood at $1,874 per ounce during Q4 2020. For copper, average price realised was $3.25 per pound. The Company expects the AISC and cost of sales in line with Q3 2020.

The detailed quarter result is scheduled to be announced on 18 February 2021.

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