November 24, 2015 / 2:46 AM / in 3 years

UPDATE 2-Barrick trims 2015 gold output forecast on Dominican mine issue

(Adds Goldcorp’s forecast)

Nov 23 (Reuters) - Barrick Gold Corp lowered its 2015 production forecast range on Monday due to a mechanical problem at its jointly owned mine in Dominican Republic, resulting in reduced production at the operation until mid-January 2016.

Barrick, the world’s biggest gold producer, said it now expects to produce between 6 million and 6.15 million ounces of gold this year. Its previous forecast for group output was for between 6.1 million and 6.3 million ounces.

Barrick owns 60 percent of Dominican-based Pueblo Viejo, its newest mine. Rival Canadian producer Goldcorp Inc owns the remaining 40 percent.

Goldcorp said it now expects 2015 gold production to be at or near the mid-point of its current guidance of between 3.3 million and 3.6 million ounces.

Barrick said in a statement that two of three electric motors at Pueblo Viejo’s oxygen plant failed on Nov. 19 and have been sent for repairs in the United States. The plant provides oxygen for the autoclave processing facility that treats the mine’s refractory ore.

While repairs on the motors are underway, Pueblo Viejo will bring forward maintenance activities previously scheduled for January.

The mine has property and machinery breakdown insurance, including business interruption coverage, which is triggered after 30 days, Barrick said. (Reporting by Nicole Mordant in Vancouver and Ismail Shakil in Bengaluru; Editing by Bernard Orr and Gopakumar Warrier)

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