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Barrick Gold Updates Full-year Gold Production Outlook - Quick Facts

Barrick Gold Corp. (ABX,ABX.TO) announced the company now expects full-year gold production of 5.3-5.6 million ounces, down from previous range of 5.6-5.9 million ounces. A significant portion of the reduction is attributable to the anticipated sale of 50 percent of Veladero, which is expected to close at the end of the second quarter.

Barrick produced 1.31 million ounces of gold in the first quarter at a cost of sales of $833 per ounce, in line with plan. This compares to 1.28 million ounces at a cost of sales of $810 per ounce in the prior-year period. Gold production in the first quarter was impacted by the timing of autoclave maintenance at the Pueblo Viejo mine in the Dominican Republic. Heavy rains, road closures. and power outages associated with the El Nino weather pattern also impacted production at the Lagunas Norte mine in Peru.

by RTTNews Staff Writer

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