African Barrick says on track to meet 2013 targets

LONDON, April 18 Thu Apr 18, 2013 2:25am EDT

LONDON, April 18 (Reuters) - Miner African Barrick Gold , which is reviewing its operations after a failed sale attempt, said it was on track to meet its production 2013 targets after posting quarterly output within its cost guidance range.

The company said on Thursday that in the first three months of the year it produced 146,105 ounces of gold at a cash cost per ounce of $931.

It said in February that production this year will be in the range of 540,000 to 600,000 ounces, shrinking for a fifth straight year, and produced at a cost of between $925 and $975 per ounce.

The Tanzania-focused FTSE 250 company is reviewing its operations, a process initiated in the wake of parent Barrick Gold's failed attempt to sell the firm. It said on Thursday it would provide a further update on the review at the time of its interim results.

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