"First of all, the way you do it, is you don't blow your brains out, like what happened to the industry in 2010 to 2015," he said in response to an analyst's question about the company's discipline.
"We still allocate capital at
Despite reaching its target of selling
In
The miner, which keeps its books in
Barrick also announced an increase in its quarterly dividend by 14 per cent to
The company's realized gold price rose by 30 per cent to
On an adjusted basis, Barrick earned
In a note,
The results came despite production interruptions caused by the COVID-19 pandemic, especially at Barrick's Veladero mine in
Production is running below guidance at higher costs per ounce and, due to ongoing pandemic-related restrictions, remains at 85 per cent of capacity, Bristow said.
He warned that the novel coronavirus still poses a major risk for the company's mining operations around the world going forward, noting that Barrick recently tested its entire workforce at the Kibali mine in the
"The big thing now is settling down our operations," he said.
"Our biggest challenge is constantly reminding the communities and our host countries and state governments that COVID is still there ... we need to maintain proper discipline protocols."
Barrick said it is on track to achieve annual production within its 2020 guidance range.
It said second-quarter results show year-to-date gold production of 2.4 million ounces, the mid-point of its 4.6 million to five million ounce annual guidance.
Copper production in the second quarter was 120 million pounds, up from 97 million in the year-earlier period.
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