The world's largest gold producer, Barrick Gold, said production fell 17.7 percent in the first quarter from the previous quarter as production fell at the Carlin and Cortez mines in Nevada. Barrick said he expects the company's AISC for gold to be 19 to 21 percent higher than for the fourth quarter, while the company's fixed costs for copper are expected to be 1 to 3 percent lower.
Miners have been hit hard by the rising costs of the Corona epidemic due to global constraints on their supply chain problems by taking precautionary measures to ensure the safety of workers and the surrounding area.
Barrick said the company's gold production is expected to increase during 2022, while copper production is expected to increase in the second half. In the first quarter, the company's copper production was 101 million, down 19.84% from the previous quarter, while total gold production fell 17.7% to 990 million ounces.
Analysts forecast average gold production of 1,025 million ounces, according to Reuters. The company's shares in the United States list have risen nearly 34 percent this year.