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Barrick Gold sees four new projects adding 1M-plus oz./year starting 2021

  • Barrick Gold (ABX -0.4%) predicts ongoing gold production declines over the long term but says four key projects could add more than 1M oz. to annual output starting in 2021, including three Nevada development that have been approved to proceed.
  • ABX forecasts gold production of 4.5M-5M oz. for 2018 and average annual output of 4.2M-4.6M oz. during 2019-22 at average all-in sustaining costs of $750-$875/oz.
  • Rival Newmont Mining (NEM +0.1%), which reported Q4 earnings today, expects to exceed ABX's forecast, seeing production of 4.9M-5.4M oz. of gold in 2018 and 4.6M-5.1M oz. annually through 2022.
  • ABX also says COO Richard Williams would step down to take on a new role focused on talks with Tanzania for the company’s troubled Acacia Mining (OTCPK:ABGLF) unit.

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