Analyst Note
| Kristoffer Inton |Barrick Gold’s steady performance continued into the second quarter, leading it to maintain its 2021 guidance. First-quarter production of a little over 1 million attributable ounces at all-in sustaining costs of $1,087 per ounce compares unfavorably with year-ago production of 1.1 million attributable ounces at AISC of $1,031 per ounce. Still, the company remains on track to hit full-year guidance of 4.4 million to 4.7 million ounces at $970 to $1,020 per ounce. We continue to forecast production of about 4.6 million ounces at AISC of about a $1,000 per ounce, boosted by a repaired roaster at Goldstrike, the completion of the Phase 6 leach pad at Veladero, and the ramp-up of Bulyanhulu’s underground operations.