By Mary de Wet

Barrick Gold Corp. said its preliminary gold and copper production fell as expected in the first quarter, and the company remains on track to meet full-year guidance.

On its preliminary operational results:

The Canadian miner said it likely produced 1.1 million ounces of gold and 93 million pounds of copper in the first quarter. That would be down from 1.3 million ounces of gold and 115 million pounds of copper in the first quarter of 2020, according to the company's website.

Sales likely totaled 1.09 million ounces of gold and 113 million pounds of copper, Barrick Gold said.

"As expected, preliminary Q1 gold production was lower than Q4 2020 mainly due to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances. Lower grades and production from Tongon, consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto."

"Preliminary Q1 2021 copper production was 22% lower than Q4 2020 as expected. Copper sales were 5% higher than the previous quarter as Lumwana sold a portion of its stockpiled concentrate. We continue to expect the Company's copper production in the second half of 2021 to be stronger than the first half, mainly driven by higher grades from Lumwana."

On its outlook:

"We remain on track to achieve 2021 guidance," the company said.

"As previously guided, the Company's gold production in the second half of 2021 is expected to be higher than the first half."

Write to Mary de Wet at mary.dewet@dowjones.com

(END) Dow Jones Newswires

04-15-21 0752ET