Barrick beats quarterly profit estimates on higher prices

The Mitchell and East Mitchell are two of five deposits in Seabridge's district-sized KSM project.

The company has appointed advisers AlixPartners UK to help the board explore options.

Company first-quarter production fell 17.7% from the previous three months.

Despite the labour issues, the Canadian miner left its production guidance of 460,000-490,000 ounces of gold for 2022 unchanged.

Plant is designed to accelerate its decarbonization program, in line majority owner Barrick Gold's Greenhouse Gas Reduction Roadmap.

The Elk project began production last fall and is currently undergoing resource expansion drilling.

Supporting this gold rally is the latest US inflation data, which showed monthly consumer prices are still surging.

The company had on March 2 proposed a final dividend of $0.52 a share, or $246-million in total. 

After NGM, the company is the largest holder of gold resources in central Nevada.