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Why is Barrick Gold Corp (GOLD) Stock down?
We've noticed a 5.43% decline in Barrick Gold Corp (GOLD) stock during the 2024-11-11 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
16 Apr, 2024:
Barrick Gold (GOLD) stock declined by 5.12% due to the recent announcement of lower-than-expected preliminary gold production for the first quarter of the year.
- Missing production: The decline was attributed to planned maintenance at its mines, which impacted the company's total preliminary output of 940,000 ounces of gold. This figure fell below analysts' estimates of 984,000 ounces, according to LSEG data. Barrick's inability to surpass production estimates in 2023 further underscores this trend.
- Industry Challenges: The mining sector, including companies like First Quantum in Panama and platinum and palladium miners in Africa, has faced operational and labor issues, leading to higher costs and production halts. Despite these challenges, Barrick's Porgera gold mine in Papua New Guinea, which had been closed since 2020, resumed operations late in the first quarter.
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