Barrick reports lower output from LatAm mines

Canadian miner Barrick Gold reported weaker output in the third quarter from its operations in Latin America, in line with company-wide operations.

At its 60%-owned Pueblo Viejo mine in the Dominican Republic output was down to 154,000oz from 189,000oz in 3Q16, according to preliminary figures released Thursday . At Peru's Lagunas Norte mine, production was 5.0% lower at 96,000oz, while at Veladero in Argentina production fell to 99,000oz from 116,000oz a year earlier.

In the case of Veladero (pictured), the amount reflects Barrick's 50% stake in the San Juan province mine, following the sale of the other half to China's Shandong Gold.

Globally production was down 10% to 1.24Moz, while copper output was up to 115Mlb (52,160t) from 100Mlb, the company said in a preliminary production report.

For the first nine months of the year, Barrick reported gold production of 3.98Moz from 4Moz a year ago, while copper production was flat at 314Mlb.

Barrick reported a third quarter average gold price of US$1,278/oz, while the price of copper was US$2.88/lb.

Company president Kelvin Dushnisky said production was in line with expectations, and that it expected higher output and lower costs in the fourth quarter.

Toronto-based Barrick will report third quarter financial results on October 25.