Barrick Gold Corp (ABX.TO) on Wednesday estimated its gold production in 2016 fell 9.8 per cent to 5.52 million ounces.

The world's largest producer of bullion also estimated 2016 all-in sustaining costs was at or slightly below the low end of its forecast of US$740-$775 per ounce of gold.

In comparison, Barrick had all-in sustaining costs of US$831 per ounce in 2015.

Barrick also estimated its cost of sales applicable to gold last year was at the low end of the forecast of US$800-$850 per ounce it gave in October.

The Toronto-based company estimated its full-year copper production dropped 18.8 per cent to 415 million pounds, with all-in sustaining costs of US$2.00-$2.20 per pound. These costs were US$2.33 per pound in 2015.