* Q1 attributable gold production at 144,643 oz
* Q1 cash cost $925/oz, up 41 pct
* Keeps 2012 output target of 675,000-725,000 oz
April 18 African Barrick Gold
posted a 17 percent fall in gold production in the first
quarter, partly due to lower head grades at its Buzwagi mine in
The Tanzania-focused miner produced 144,643 ounces of
attributable gold in the quarter.
Power outages at its mines held back output in the final
quarter last year, with the company's full-year production
falling 2 percent to 688,278 ounces.
African Barrick, a unit of Barrick Gold Corp, the
world's largest gold miner, reported a 41 percent surge in costs
to $925 per ounce for the quarter, well ahead of its full-year
estimate of $790 to $860 per ounce.
Costs jumped 22 percent last year on the back of rising
inflation, higher wages and increased use of more expensive
generator power to keep mines working.
Rising costs have hurt African Barrick's market
capitalisation, with shares falling 15 percent in the first
quarter even as gold prices rose more than 6 percent during the
The company's London-listed shares closed at 368.9 pence on
Wednesday on the London Stock Exchange.