Barrick Cuts Gold Output Forecast for Eighth Potential Drop
- Toronto miner sees 2018 output at midpoint of 4.75 million oz
- Miner’s $700 AISC goal slowed by falling production, inflation
Photographer: Alessia Pierdomenico/Bloomberg
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Barrick Gold Corp., the bullion producer that once towered over rivals, continues to shrink.
The Toronto-based miner is predicting its eighth straight decline in annual production as it takes 300,000 fewer ounces out of the ground in 2018 than it had previously forecast. It now projects total production will be 4.5 million to 5 million ounces this year, compared with a previous forecast of 4.8 million to 5.3 million ounces.