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UPDATE 1-Barrick trims 2015 gold output forecast on Dominican mine issue

Published 2015-11-23, 06:31 p/m
© Reuters. UPDATE 1-Barrick trims 2015 gold output forecast on Dominican mine issue
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(Adds details on motor failure, Goldcorp not immediately
available for comment)
Nov 23 (Reuters) - Barrick Gold Corp ABX.TO lowered its
2015 production forecast range on Monday due to a mechanical
issue at its jointly owned Dominican Republic-based mine that
will result in reduced production at the operation until
mid-January 2016.
Barrick, the world's biggest gold producer, said it now
expects to produce between 6 million and 6.15 million ounces of
gold this year. Its previous forecast for group output was for
between 6.1 million and 6.3 million ounces.
Barrick owns 60 percent of Dominican-based Pueblo Viejo, its
newest mine. Rival Canadian producer Goldcorp Inc G.TO owns
the remaining 40 percent.
Goldcorp did not immediately respond to a query on whether
it will lower its full-year output forecast.
Barrick said in a statement that two of three electric
motors at Pueblo Viejo's oxygen plant unexpectedly failed on
Nov. 19 and have been sent for repairs in the United States. The
plant provides oxygen for the autoclave processing facility that
treats the mine's refractory ore.
While repairs on the motors are underway, Pueblo Viejo will
bring forward maintenance activities previously scheduled for
January.
The mine has property and machinery breakdown insurance,
including business interruption coverage, which is triggered
after 30 days, Barrick said.

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