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TORONTO - Today Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) ("Barrick" or the "Company") announced preliminary full year gold production of 4.53 million ounces for 2018, in line with the company's guidance of 4.5-5.0 million ounces, and preliminary full year gold sales of 4.54 million ounces. Preliminary fourth quarter gold production was 1.26 million ounces, and preliminary fourth quarter gold sales were 1.23 million ounces. The average market price for gold in the fourth quarter was $1,226 per ounce. Fourth quarter gold cost of sales per ounce1 are expected to be approximately 15-17 percent higher than third quarter results, primarily as a result of a non-cash inventory impairment on Lagunas Norte's long-term stockpiles. Fourth quarter cash costs per ounce2 are expected to be in line with the third quarter results and all-in sustaining costs per ounce2 approximately 3-5 percent higher as compared to third quarter results. As the merger between Barrick and Randgold Resources Limited ("Randgold") was effective on January 1, 2019, these preliminary results exclude production and sales from Randgold (refer to the section below for Randgold's preliminary results).
Preliminary full year copper production was 383 million pounds, which was in line with the Company's guidance of 345-410 million pounds for 2018, and preliminary full year copper sales were 382 million pounds. Preliminary copper production in the fourth quarter was 109 million pounds, and preliminary copper sales in the fourth quarter were 109 million pounds. The average market price for copper in the fourth quarter was $2.80 per pound. We expect quarter-over-quarter increases in our consolidated copper cost of sales per pound1 of approximately 30 percent (primarily driven by an adjustment to depreciation), C1 cash costs per pound2 of approximately 1-3 percent and all-in sustaining costs per pound2 of approximately 9-11 percent, as compared to third quarter results.
We now expect our full year 2018 effective tax rate to be approximately 52-56 percent, an increase from our previous range of 48-50 percent. The increase is primarily due to lower-than-anticipated sales from operations in lower-tax jurisdictions, and higher-than-anticipated sales in higher-tax jurisdictions.
Barrick will provide additional discussion and analysis regarding fourth quarter production and sales when the Company reports quarterly results before markets open on February 13, 2019, followed by a live presentation by President and CEO Mark Bristow at its offices in Toronto on February 13 at 11:00 EST, linked to a conference call and webcast.
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