Barrick Gold Corp, the world’s largest gold miner estimated 1.24 million ounces of gold produced in the company’s third-quarter report which also stumbles as it was 1.38 million ounces less than what it recorded a year earlier. The results show that the production fell short of expectations as Deutsche Bank Securities’ had an estimate of 1.29 million ounces.
Despite of the disheartening news, the gold production company firmly said it was on the verge of meeting its full-year gold production goal of 5.3 million ounces to rather high 5.6 million ounces. The company is yet to submit its third-quarter results on Oct. 25.
Gold price sublimed to $1,278 per ounce during the quarterly era down from $1,333 the previous year as confirmed by the company.
Pressure from the Government of Tanzania on Acacia Mining took part in ensuring the gold miner had a decline in the third-quarter of its operations.
Acacia as well who were the most affected said its gold production came down 8.3 per cent to register 191,203 ounces in its three months to September. The company is partly owned by Barrick Corp, having a 63.9 per cent ownership
Acacia shares though managed to recover to trade down marginally after dropping close to 4.5 per cent.
Shares of Barrick, which intends to cut its debt to $5 billion by 2018-end, are down nearly 3 percent this year, while gold is up more than 12 percent.