January 19 news, Canada's Barrick gold company (Barrick Gold Corp) said on Wednesday that its gold production increased by 10% in the fourth quarter, driven by the strong performance of the Carlin and Cortez mines in Nevada.
The Carlin and Cortez mines are part of the Nevada Gold Mine, a joint venture between Barrick and Newmont Corp. Barrick owns 61.5% of the shares.
Initial total gold production was 1.2 million ounces in the quarter ended December 31, up from 1.09 million ounces in the previous quarter, the report said.
Gold prices rose 4% in the fourth quarter as concerns about inflation and the Omicron variant supported gold's safe-haven appeal.
The average market price of gold in the quarter was $1795 an ounce, up from $1790 in the previous quarter, Barrick said.
Barrick said copper production in the quarter was £126 million, up 26 per cent from the previous quarter due to an increase in production at the Lumwana copper mine in Zambia in southern Africa.
Barrick will report its fourth-quarter results on February 16th. The company said it expected its total gold maintenance cost (AISC) to fall 4 to 6 per cent from the third quarter.
