African Barrick misses gold production targets

AFRICAN Barrick Gold posted mixed fourth-quarter figures yesterday, as it missed output targets for the year but saw its new Buzwagi mine overcome production difficulties by mid-November.

It produced 179,730 ounces of gold in the fourth quarter, a nine per cent improvement on the third quarter but a 16 per cent drop from last year.

Production for the full-year was 700,934 ounces. In October, the group cut its 2010 output target for the second time in three months to 716,000 ounces after uncovering fuel theft at its Buzwagi mine in Tanzania.

The company, a unit of the world’s biggest gold producer, Barrick Gold, is the first of the London-listed gold miners to announce production figures for the year.

African Barrick will release guidance for 2011 output alongside full-year results in February, with the Buzwagi mine expected to boost the forecasts.