Barrick Gold (ABX) has reported that its first-quarter gold production declined 15% as winter weather and annual maintenance hurt operations at its various mine sites.
Barrick’s gold production has steadily declined for three consecutive years.
Barrick’s preliminary gold output during Q1 was 952,000 ounces compared with 1.1 million ounces in the previous fourth quarter of 2022.
Analysts had expected gold production of 988,700 ounces in Q1, according to Refinitiv data.
The Toronto-based company’s copper production during the most recent quarter totaled 88 million pounds, down 8.3% from the previous quarter due to lower output at its mines in Zambia and Chile.
Gold prices rose 7.9% during this year’s first quarter as volatility in the banking sector spurred a rush to safety in the precious metal.
The company said it expects gold and copper production to increase throughout this year.
Barrick Gold is scheduled to release its first-quarter earnings on May 3.
The stock price of Barrick Gold has decreased 16% in the last 12 months to trade at $26.76 per share.