Barrick Gold Corporation ABX reported preliminary production results for first-quarter 2018.Preliminary gold production and sales for the first quarter were roughly 1.05 million ounces and 1.07 million ounces, respectively. Average market price for gold during the quarter was $1,329 per ounce. Preliminary copper production and sales both totaled 85 million pounds, and average market price for copper was $3.16 per pound.Notably, first-quarter gold and copper production figures highlight a sequential decline from last quarter’s reported numbers of roughly 1.4 million ounces and 99 million pounds, respectively.Moreover, the company stated that realized copper price in the first quarter is projected to be roughly 5% lower than the average first quarter market price for the metal due to provisional pricing adjustments. This reflects down trend in copper prices over the period. Shares of Barrick have lost 13.5% in the last three months, underperforming the industry’s roughly 10% decline. Barrick is facing challenges from declining production. The company’s gold production fell roughly 12% year over year in fourth-quarter 2017 and 3.5% for full-year 2017, impacted by sale of 50% interest in the Veladero mine and lower production from Acacia.Moreover, the company faces headwinds from higher expected costs in 2018. Its guidance for all-in sustaining costs of $765-$815 per ounce for this year reflects an increase from $750 in 2017.Higher cost guidance reflects lower expected gold production from Pueblo Viejo, Veladero and Barrick Nevada, higher costs at Acacia and increased processing of higher-cost inventory. Barrick Gold Corporation Price and Consensus Barrick Gold Corporation Price and Consensus | Barrick Gold Corporation QuoteZacks Rank & Stocks to ConsiderBarrick currently carries a Zacks Rank #5 (Strong Sell).Some better-ranked stocks worth considering in the basic materials space are ArcelorMittal MT, Daqo New Energy Corp. DQ and CF Industries Holdings, Inc. CF, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.ArcelorMittal has an expected long-term earnings growth rate of 13.4%. Its shares have soared 41.8% over a year.Daqo New Energy has an expected long-term earnings growth rate of 7%. Its shares have rallied a whopping 210.6% over a year.CF Industries has an expected long-term earnings growth rate of 6%. Its shares have gained 30.7% over a year.Today's Stocks from Zacks' Hottest StrategiesIt's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.See Them Free>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DAQO New Energy Corp. (DQ): Free Stock Analysis Report CF Industries Holdings, Inc. (CF): Free Stock Analysis Report Barrick Gold Corporation (ABX): Free Stock Analysis Report ArcelorMittal (MT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research