London-based gold miner African Barrick Gold plc (ABG.L: News ,ABGLF.PK: News ) Tuesday said its attributable gold production for the fourth quarter ended December 31 declined from the prior year, but grew 9% from the sequential third quarter.
The company's attributable gold production for the quarter was 179,730 ounces, 16% down from 213,588 ounces produced in the previous year. ABG's four mines are Bulyanhulu, Buzwagi, North Mara and Tulawaka. Gold production declined at all these mines year over year. Particularly impacting factors were actions taken to address the fuel theft at Buzwagi lower grade mining from Tulawaka.
Copper production for the quarter was 2.1 million pounds, slightly up from 2.08 million pounds in the previous year.
Meanwhile, attributable gold sold was 201,298 ounces, 2% higher than 197,927 ounces sold in the same quarter last year. Average realized gold price increased to $1,394 per ounce sold from $1,093 per ounce in the preceding year.
Greg Hawkins, CEO of the company said, "Over the fourth quarter we have seen the positive impact of the corrective actions taken at Buzwagi, with December production around 20,000 ounces, as expected. With our other operating mines also delivering in line with expectations, our portfolio of growth projects showing encouraging progress and a strong capital position to provide us with balance sheet flexibility, we enter 2011 well positioned to deliver on the potential of the Company's asset base." For the full year, the company's attributable gold production declined to 700,934 ounces from 716,306 ounces produced in the year-ago period. Attributable gold sold during the year was 724,083 ounces, higher than 683,687 ounces sold in the prior year. Average realized gold price for the year increased to $1,240 per ounce sold from $974 per ounce a year earlier.
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