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Barrick Reports Preliminary First Quarter Production Results

All amounts expressed in U.S. dollars

TORONTO, April 11, 2018 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick” or the “Company”) today announced preliminary first quarter production of 1.05 million ounces of gold, and 85 million pounds of copper, and preliminary first quarter sales of 1.07 million ounces of gold, and 85 million pounds of copper. The average market price for gold in the first quarter was $1,329 per ounce, while the average market price for copper was $3.16 per pound. The Company’s first quarter realized copper price is expected to be approximately five percent below the average first quarter market price for copper as a result of provisional pricing adjustments1 that reflect the downward trend in copper prices over the period.2

Barrick will provide additional discussion and analysis regarding first quarter production and sales when the Company reports quarterly results on April 23, 2018, followed by a conference call and webcast on April 24 at 8 am ET. The following table includes preliminary gold and copper production and sales results from our operations:

 Production Sales
 Three months
March 31, 2018
 Three months
March 31, 2018
Gold (equity ounces (000s))
Barrick Nevada3471 462
Pueblo Viejo (60%)141 148
Lagunas Norte66 69
Veladero (50%)474 74
Turquoise Ridge (75%)46 63
Acacia (63.9%)77 75
Kalgoorlie (50%)85 83
Porgera (47.5%)40 45
Hemlo40 44
Golden Sunlight9 8
Total Gold1,049 1,071
Copper (equity pounds (millions))
Lumwana48 47
Zaldívar (50%)24 24
Jabal Sayid (50%)13 14
Total Copper85 85

Deni Nicoski
Senior Vice President
Investor Relations
Telephone: +1 416 307-7474
Andy Lloyd 
Senior Vice President
Telephone: +1 416 307-7414


The scientific and technical information contained in this press release has been reviewed and approved by Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.


Barrick will release its First Quarter 2018 Results on April 23, 2018, followed by a conference call and webcast on April 24 at 8:00 am ET.

Toll Free (U.S. and Canada): 1-800-319-4610
International: +1 416 915-3239

The webcast and presentation materials will be available on Barrick’s website at The conference call will be available for replay by phone at 1-855-669-9658 (U.S. and Canada toll free), and +1 604 674-8052 (international), access code 2130.


Barrick cautions that, whether or not expressly stated, all 2018 figures contained in this press release including production levels and sales are preliminary and reflect our expected first quarter results as of the date of this press release. Actual reported first quarter production levels and sales are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. Barrick will provide additional discussion and analysis and other important information about its first quarter production levels and sales when it reports actual results on April 23, 2018. Barrick further cautions that the information contained in this press release does not provide a complete picture of the Company’s overall performance and profitability, as this press release does not address any of the costs associated with the production of gold and copper reported herein. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s first quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the production information contained herein.

Finally, Barrick cautions that this press release contains forward-looking statements with respect to the impact of the downward trend of copper prices in the first quarter on provisional pricing adjustments and first quarter 2018 copper realized price which, while considered reasonable by the Company at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant uncertainties and contingencies.  Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.


  1. The sales price for Barrick’s copper production is determined provisionally at the date of sale with the final price determined based on market copper prices at a future date set by the customer, generally one to three months after the initial date of sale. Market prices for copper may fluctuate during this extended settlement period. The prices of Barrick’s copper sales are marked-to-market at the balance sheet date based on the forward copper price for the relevant quotational period. All such mark-to-market adjustments are recorded in copper sale revenues. If the market price for copper declines, the final sale price realized by the Company at settlement may be lower than the provisional sale price initially recognized by the Company, requiring negative adjustments to Barrick’s average realized copper price for the relevant period.
  2. Copper realized price is a non-GAAP financial measure which excludes from sales: (i) unrealized gains and losses on non-hedge derivative contracts; (ii) unrealized mark-to-market gains and losses on provisional pricing from copper sales contracts; (iii) sales attributable to ore purchase arrangements; (iv) treatment and refining charges; and (v) export duties.

    This measure is intended to enable management to better understand the price realized in each reporting period for copper sales because unrealized mark-to-market values of non-hedge copper derivatives are subject to change each period due to changes in market factors such as market and forward copper prices, so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark-to-market gains and losses from the presentation of this performance measure enables investors to understand performance based on the realized proceeds of selling copper production.

    The gains and losses on non-hedge derivatives and receivable balances relate to instruments/balances that mature in future periods, at which time the gains and losses will become realized. The amounts of these gains and losses reflect fair values based on market valuation assumptions at the end of each period and do not necessarily represent the amounts that will become realized on maturity. We also exclude export duties that are paid upon sale and netted against revenues as well as treatment and refining charges that are paid to the refiner on copper concentrate sales that are netted against revenues. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods.

    The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently.
  1. Includes our 60% equity share of South Arturo.
  2. Reflects our 50% equity share of Veladero from July 1, 2017 onwards.

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