BARRICK Gold Lumwana has recorded increased copper production of around 35,380 metric tonnes in the last quarter of 2020, up from 28,576 tonnes in the corresponding period in 2019.
According to its preliminary results, the Canadian miner posted a total of 53,977 tonnes of copper from all three of its copper-producing assets, with Lumwana yet again producing the highest outturn.
Results show that from the total 119 million pounds of copper produced, North-Western Province-based Lumwana hit 78 million pounds, equivalent to around 35,380 tonnes, up from 63 million pounds produced during the three-month period ending December 31, 2019, or equivalent to 28,576 tonnes.
The Zaldívar Copper Mine, a 50/50 joint venture with Antofagasta Plc, located in northern Chile, produced 23 million pounds of copper, or around 10,432 tonnes.
Jabal Sayid, also a 50/50 joint venture with Ma’aden, produced only 18 million pounds in the just-ended last quarter, or around 8,164 tonnes.
Overall, the mining giant achieved its 2020 production targets, which included gold across all its 16 operations, globally.
“Preliminary Q4 copper production was higher than Q3 2020 following completion of plant maintenance at Lumwana in the third quarter. Preliminary Q4 copper sales were lower than the previous quarter, primarily due to the timing of shipments at Lumwana. Q4 copper cost of sales per pound 1 is expected to be 4-6 per cent higher, Q4 copper C1 cash costs per pound 2 are expected to be 10-12 per cent higher and copper all-in sustaining costs per pound 2 are expected to be 4-6 per cent higher than Q3, 2020. Driving these changes are higher operating costs at Lumwana and Zaldívar, partially offset by lower depreciation and lower sustaining capital at Lumwana,” read the statement released from its Toronto headquarters recently.