(Reuters) - Miner Barrick Gold , said on Thursday first-quarter production fell 17.7% from the previous three months, hurt by lower output at its Carlin and Cortez mines.
Barrick said gold output was lower because of a mechanical mill failure at its Carlin and Cortez mines and a depletion of stockpiled higher grade underground ore.
The company, which is scheduled to release its first-quarter results on May 4, said the average market price for gold in the quarter was $1,877 per ounce, up from $1,795 per ounce in the prior quarter.
U.S.-listed shares of the company, which have gained nearly 31% so far this year, were down 0.9% in premarket trading.
Barrick said it expects the company's all-in sustaining costs (AISC) for gold, a key industry metric, to be 19% to 21% higher from the fourth quarter.
The miner's total preliminary gold production stood at 990 million ounces in the three months ended March 31, compared with 1.20 million ounces in the fourth quarter.
Shares of Barrick Gold fell 1% in premarket trading.
