{"id":573582,"date":"2017-10-25T22:16:26","date_gmt":"2017-10-25T22:16:26","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=573582"},"modified":"2017-10-25T22:16:26","modified_gmt":"2017-10-25T22:16:26","slug":"barrick-cuts-2017-production-guidance-again-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=573582","title":{"rendered":"Barrick cuts 2017 production guidance again"},"content":{"rendered":"

By analyst<\/a><\/span> <\/p>\n

By Frik Els<\/a><\/span> <\/p>\n

Shares in Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) retreated nearly 1% in after hours trade on Wednesday after the company reported a small loss in its third quarter, and lowered its production guidance and upped its expected costs for the full year.<\/p>\n

Barrick is now down 5.5% over the past week as investors weigh the impact of troubles at its Tanzanian unit. The Toronto-based company is now worth $18.4 billion in New York.<\/p>\n

Barricks’ full-year gold production is now expected to be 5.3\u20135.5m ounces compared to 5.6\u20135.9m ounces at the start of the year<\/p>\n

Barrick reported adjustments of $172 million in a tax provision relating to a framework agreement between its majority-owned Acacia Mining unit and the government of Tanzania.<\/p>\n

Last week Barrick announced that Acacia would pay Tanzania $300 million and hand the government a 16% stake in three of its gold mines<\/a>, to end the dispute. The gold producer has faced government pressure in Tanzania since March, when President John Magufuli imposed a ban on gold concentrate, which represents about a third of Acacia’s output.<\/p>\n

Revenues during the third quarter declined to just under $2 billion, down 13.5% year on year. Barrick produced 1.24 million ounces of gold in the quarter to end-September at an all-in cost of $772 per ounce, up from $704 during the same period last year.<\/p>\n

For the year Barrick upped the lower-end of its cost guidance and at the same time trimmed expected total production in 2017.<\/p>\n

Barrick, the world’s largest gold miner in terms of output, now expects full year production of 5.3\u20135.5 million ounces, a second downward adjustment down from its outlook at the start of the year of a range of 5.6\u20135.9 million ounces.<\/p>\n

All-in sustaining costs of between $740-$770 per ounce is predicted for the year. Higher all-in sustaining costs primarily reflect a planned increase in minesite sustaining capital expenditures at Barrick Nevada and Veladero according to the company.<\/p>\n

Barrick produced 115m pounds of copper during the third quarter, a 15% improvement over 2016 but costs rose by more than 10% to to $2.24 per pound. The company narrowed its copper production guidance range to 420-440 million pounds but expects costs to rise further as a result of higher inputs at its Zambian operations.<\/p>\n

The post Barrick cuts 2017 production guidance again<\/a> appeared first on MINING.com<\/a>.<\/p>\n

\u2026read more<\/a> <\/p>\n

Source:: Infomine<\/a><\/p>\n

The post <\/a>Barrick cuts 2017 production guidance again<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By analyst By Frik Els Shares in Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) retreated nearly 1% in after hours trade on Wednesday after the company reported a small loss in its third quarter, and lowered its production guidance and upped its expected costs for the full year. Barrick is now down 5.5% over the past week as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/573582"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=573582"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/573582\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=573582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=573582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=573582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}