(Recasts throughout, updates shares)

April 16 (Reuters) – Canadian miner Barrick Gold on Tuesday reported lower-than-expected preliminary gold production for the first quarter hurt by planned maintenance and sequencing at its mines.

Barrick reported a total preliminary output of 940,000 ounces of gold in the three months ended March 31, below analysts’ estimates of 984,000 ounces, according to LSEG data.

The world’s second-largest gold miner was unable to beat production estimates in 2023.

Barrick expects all-in-sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, to be about 7% to 9% higher than the previous quarter.

U.S. shares of the firm were 2.2% lower in premarket trading, while spot gold was down 0.4%.

Miners, including First Quantum in Panama and platinum and palladium miners in Africa have run into a spate of operational and labor troubles, leading to higher costs and production halts.

Barrick’s Porgera gold mine in Papua New Guinea had been shuttered since 2020, but

restarted operations

late into the first quarter.

The company, however, added that it expects gold and copper production to increase through the year, with its Pueblo Viejo gold mine in the Dominican Republic ramping up from the second quarter.

Barrick also reported preliminary copper production of 40,000 tonnes, down from 113 million pounds (51,255.94 tonnes) in the previous quarter, largely due to lower grades mined at its Lumwana mine in Zambia.

AISC for the red metal, which is widely used in power, construction and transportation sectors, is expected to rise by 14% to 16% from the previous quarter.

The Toronto, Canada-based company is scheduled to release its fourth-quarter results on May 1, 2024.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)