Barrick Gold stock falls after missing production estimates

Shares of mining company Barrick Gold (GOLD) are dropping after its production figures fall below estimates, including for a commodity like gold (GC=F) as prices for the precious metal soar.

Yahoo Finance monitors the movement in Barrick Gold Corporation's stock.

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This post was written by Luke Carberry Mogan.

Video transcript

- Mining company Barrick Gold delivering lower production numbers and rising costs in its preliminary first quarter results. Those shares trading lower by about 5%. They're also trending on Yahoo Finance here. So these production numbers indeed coming in a little bit lower than anticipated.

Copper production also was missed expectations, it sounds like, by a bigger margin here. And so that's responsible for the drop that we're seeing here. Gold production coming in, the company said, at 940,000oz, that's for the first quarter. The estimate was for about 978,000oz. So decent size missed there.

- Yeah, just looking at some of the commentary analysts at Canaccord. They, like Barrick, recommended to their clients. And their point was, Julie, yes production was slightly negative. Gold, copper production came in below. They do know Barrick expects production to progressively increase throughout the year with declining costs. Stock has not been working. It is well in the red this year, and over the last 12 months. Though most on the street recover it, still like it.

- Well, and that's in sharp contrast to the underlying metals, right? We've seen increases in gold, we've seen a bounce in copper here.