Barrick misses quarterly gold output estimates on Tanzania curbs (Reuters Canada – October 17, 2019)

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(Reuters) – Barrick Gold Corp (ABX.TO), (GOLD.N) fell short of analysts’ estimates for third-quarter gold production on Thursday, as lower output at its North Mara mine in Tanzania offset gains from its Randgold buy and the Nevada Gold Mines joint venture.

Operations at the Canadian company’s North Mara mine were hit by tax and environmental disputes, and restrictions were lifted in September after Barrick addressed concerns about seepage at the project’s tailings storage facility.

North Mara was operated by Acacia Mining and Barrick took full control of the miner after a British court approved its $1.2 billion takeover.

Barrick gained from its Nevada Gold Mines joint venture with Newmont Goldcorp Corp (NEM.N) that the company estimated to have produced 535,000 ounces of gold in the third quarter.

The venture was set up after Barrick abandoned its $18 billion hostile bid for Newmont and the miners then agreed to combine their assets in the U.S. state. Also boosting production was improved output at the Loulo-Gounkoto mine in Mali, which Barrick acquired through the purchase of Africa-focused Rangold Resources.

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