Barrick Gold says production to fall 10 per cent in 2004

[G-khan]

Barrick Gold says production to fall 10 per cent in 2004
Last Updated Thu, 11 Sep 2003 17:24:33



TORONTO - Barrick Gold's chief executive told a Toronto mining conference Thursday that gold production at the company will drop 10 per cent next year as two of its main mines process lower grade ore.


Barrick Gold says it's on track to meet 2003 targetsCEO Greg Wilkins said costs next year would also by about 10 per cent. He blamed the lower production and higher costs largely on the Pierina and Golstrike mines, which will be processing lower grade material.

Wilkins said Barrick would meet its targets this year. "We've done that for the first two quarters of 2003, and we're on track to meet our targets in the second half of the year," he said.

Wilkins said the company remains "on plan" to produce 5.4 million to 5.5 million ounces of gold for 2003 at an average cost of $190 US to $195 US per ounce. Barrick shares slipped 4 cents to close at $27.86 Thursday.