Power disruptions prompt African Barrick warning
Saturday 10 December 2011
African Barrick Gold, the London-listed miner that is the largest producer of metal in Tanzania, warned yesterday that its fourth-quarter output would miss forecasts because of disruptions to its power supply.
The miner said it expected to lose between 35,000 and 40,000 ounces of gold output this year as a result of frequent power outages. The company, which had expected to produce as much as 760,000 ounces of gold this year, warned production would now come in "just short" of 700,000 ounces this year.
The news sent African Barrick's shares down by as much as 6.7 per cent, representing its biggest drop in a fortnight.
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