Barrick expects to meet annual targets despite coronavirus-led lockdowns [Reuters]
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Source: Reuters
Barrick expects to meet annual targets despite coronavirus-led lockdowns (Reuters) - Barrick Gold said on Thursday it was on track to meet its full-year production targets even as it reported an 8.5% drop in first-quarter gold output due to the impact of coronavirus-driven lockdowns. The mining industry has been bracing for a prolonged drop in commodity prices and has been worried that the coronavirus outbreak could fuel a rare simultaneous drop in both supply and demand for metals used to power the global economy. Barrick posted gold production of 1.25 million ounces for the first quarter, compared with 1.37 million ounces a year earlier. The miner said copper output from its three mines – Lumwana in Zambia, Zaldivar in Chile and Jabal Sayid in Saudi Arabia - rose 8.5% from a year earlier to 115 million pounds, adding that sales of the metal also improved in the quarter. “These results positioned Barrick well to achieve its guidance for the year despite the impact of the global COVID
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