Barrick Gold Corporation has released preliminary production results for the full year and fourth quarter of 2023. The company achieved a gold production of 4.05 million ounces for the year, aligning with forecasts outlined in the third-quarter release. Copper production for 2023 totaled 420 million pounds, falling within the guided range of 420 to 470 million pounds.
The fourth quarter saw sales of 1.04 million ounces of gold and 117 million pounds of copper. Barrick’s gold production in Q4 reached 1.05 million ounces, and copper production was 113 million pounds. The average market price for gold in Q4 stood at $1,971 per ounce, and for copper, it was $3.70 per pound.
The Q4 gold production marked an improvement from Q3, with notable performances from the Cortez, Phoenix, and Pueblo Viejo mines. However, production at Loulo-Gounkoto was lower, as expected, yet still ended the year within the top end of the guidance range. Relative to Q3, Q4’s gold cost of sales per ounce is anticipated to be 6% to 8% higher, with total cash costs per ounce expected to rise by 7% to 9%. The all-in sustaining costs per ounce are projected to be 8% to 10% higher than the previous quarter.
Q4’s copper production mirrored that of Q3, with steady outputs across all three sites. Copper cost of sales per pound for Q4 is expected to be 8% to 10% higher than in Q3, while C1 cash costs per pound may see a 5% to 7% increase. However, all-in sustaining costs per pound are predicted to decrease by 2% to 4%, primarily due to reduced capitalized waste stripping at the Lumwana mine. 
