Barrick Gold Corp., the bullion producer that once towered over rivals, continues to shrink. The Toronto-based miner is predicting its eighth straight decline in annual production as it takes less gold out of the ground at its main mines.
The company expects to produce 300,000 fewer ounces in 2018 than it had previously forecast. It now projects total production will be 4.5 million to 5 million ounces this year, compared with a previous forecast of 4.8 million to 5.3 million ounces. Total gold output in 2017 was 5.32 million ounces.
Barrick also raised its forecast for all-in-sustaining costs to a range of $765 to $815 an ounce this year, compared with previous guidance of $710 to $770.
“Higher cost guidance for 2018 primarily reflects lower anticipated gold production from Barrick Nevada, Pueblo Viejo and Veladero, increased processing of higher-cost inventory, and higher costs at Acacia,” the company said Wednesday in a statement.
Barrick’s Nevada operations will experience lower grades in 2018, although they are benefiting from operational efficiencies and improved throughput, the company said. Pueblo Viejo in the Dominican Republic will be affected by planned maintenance.
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