(Bloomberg) — Barrick Gold Corp. ‘s (NYSE:GOLD) bullion output slid last year to its lowest level since 2000, missing analysts’ expectations and its own target as operational woes curbed production.
Barrick produced 4.14 million ounces of gold last year, marking its third straight decline in annual output, according to preliminary figures released Tuesday by the Toronto-based company. Chief Executive Officer Mark Bristow had said as recently as Nov. 3 that the miner was on track to achieve its annual guidance of 4.2 million to 4.6 million ounces, albeit at the lower end of the range.
Shares of Barrick fell 1.2% in premarket trading in New York.
Barrick faced challenges at its mines through 2022 that hurt production, including repairs and upgrades in Nevada and the inability to resume operations at its Porgera mine in Papua New Guinea while awaiting an agreement with the government to restart the facility.
Gold output in the fourth quarter was 1.11 million ounces, missing analysts’ estimates of 1.16 million ounces. Barrick has seen bullion output slide since acquiring Randgold Resources (LON:RRS) in 2019. The company’s highest annual output was in 2006, when it produced a record 8.64 million ounces in the year that saw the company take over its Canadian rival Placer Dome Inc.
Barrick is scheduled to release fourth-quarter earnings results on Feb. 15, a report that typically outlines the firm’s guidance for metals production for the year ahead.