Barrick says Kibali mine on track for another record year

Kibali mine. (Image courtesy of Randgold Resources)

Barrick Gold Corporation (NYSE: GOLD, TSX: ABX) announced today that it achieved preliminary Q1 production of 1.37 million ounces of gold and 106 million pounds of copper, both in line with its operating plans and guidance.

After setting a production record at the its Kibali mine last year, Barrick says the operation is on track for another record performance in 2019. The Kibali gold mine is a joint venture with AngloGold Ashanti and the Congolese government, and it is ranked among the world’s top ten gold mines.

Earlier this week, President and CEO Mark Bristow said the company is intensifying its focus on reserve and resource replacement at Kibali and classified it as “one of five tier one gold mines.”

The average market prices for its gold and copper in Q1 were $1,304/oz and $2.82/lb respectively, according to the company’s report. Preliminary Q1 sales were 1.37 million ounces of gold and 103 million ponds of copper.


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