Barrick's second-quarter gold output rises about 5%

[July 14, 2022]  (Reuters) -Barrick Gold Corp on Thursday reported a 5.4% rise in second-quarter gold output compared to the previous quarter, driven by stronger performance at its Carlin and Turquoise Ridge mines in Nevada.

A small toy figure and gold imitation are seen in front of the Barrick logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration

As the Ukraine crisis exacerbated longstanding global supply chain issues, Barrick took a slew of measures to mitigate the impacts, including nearly doubling its inventory of key mining supplies such as cyanide, explosives, and steel balls used for milling.

The world's second-biggest gold miner said the average market price for gold in the quarter was $1,871 per ounce, compared to $1,877 per ounce in the previous quarter.

Total preliminary gold production for Barrick stood at 1.04 million ounces in the quarter ended June 30, up from 990,000 ounces in the first quarter.

Copper production in the reported quarter rose to 120 million pounds from 101 million pounds in the prior quarter, driven by higher production at its Lumwana mine in Zambia, southern Africa.

(Reporting by Ruhi Soni in Bengaluru; Editing by Shinjini Ganguli)

 

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