Last year, gold major Barrick (TSX: ABX; NYSE: GOLD) met the midpoint of its gold and copper output targets. The miner generated a total of 4.8 million oz. of gold and 457 million lb. of copper in 2020, which falls in line with its prior forecasts for 4.6 to 5 million oz. of gold and 440 to 500 million lb. of copper.
In the fourth quarter, the company's mines churned out a total of 1.2 million gold oz. and 119 million lb. of copper, for total sales of 1.19 million gold oz. and 108 million copper lb.
Fourth-quarter gold output was higher when compared with the 1.16 million gold oz. generated in the third quarter mainly due to "a strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and ongoing improvement at Turquoise Ridge." All-in sustaining costs for the last quarter of the year are expected to be 3% to 5% lower than the US$966 per oz. realized in the third quarter.
Copper production in the fourth quarter also came in ahead of the 103 million lb. reported after the end of the third quarter, after the completion of maintenance at Lumwana. All-in sustaining costs for the fourth quarter are expected to be 4% to 6% higher than the third quarter costs of US$2.31 per lb. due to higher operating costs of Lumwana and Zaldivar, which would be partly offset by lower depreciation and sustaining capital costs.
Additional details on production and sales in the fourth quarter are expected with Barrick's complete quarterly and full-year results scheduled for release on Feb. 18.