Barrick Gold estimates gold output dropped 9.8 percent in 2016

Wed Jan 25, 2017 8:18am EST
 
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(Reuters) - Canadian miner Barrick Gold Corp (ABX.TO: Quote) on Wednesday estimated its gold production in 2016 fell 9.8 percent to 5.52 million ounces.

The world's largest producer of bullion also estimated 2016 all-in sustaining costs was at or slightly below the low end of its forecast of $740-$775 per ounce of gold.

In comparison, Barrick had all-in sustaining costs of $831 per ounce in 2015. (bit.ly/2ksmpJ6)

Barrick also estimated its cost of sales applicable to gold last year was at the low end of the forecast of $800-$850 per ounce it gave in October.

The Toronto-based company estimated its full-year copper production dropped 18.8 percent to 415 million pounds, with all-in sustaining costs of $2.00-$2.20 per pound. These costs were $2.33 per pound in 2015.

(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

 
Barrick Gold Corp Chairman of the board John Thornton speaks during their annual general meeting for shareholders in Toronto, Ontario, Canada on April 28, 2015.    REUTERS/Mark Blinch/File Photo