Barrick Gold Sees Production Rise and Cost Reduction in Q3 2023
Quarterly Production and Financial Highlights
Barrick Gold has announced a rise in gold production and a decrease in production costs for the third quarter of 2023. Key operations contributing to the production uptick include the Cortez, Turquoise Ridge, and Kibali mines. Despite these gains, the company anticipates its annual gold production to fall slightly below its original forecast due to unforeseen delays.
On the copper front, Barrick Gold remains on target with both production and cost goals.
Upcoming Production Forecasts and Project Updates
For 2024, expectations for the Pueblo Viejo mine are set high, with production anticipated to surpass 800,000 ounces. Additionally, the environmental review for the Goldrush project has been completed as of October 27.
Internationally, Barrick Gold is moving forward with significant developments in Pakistan and Zambia. The Reko Diq copper and gold mining project in Pakistan is poised to become a leading producer globally, while the Lumwana copper mine expansion in Zambia aims to achieve an annual output of 240,000 tonnes of copper.
Exploration and Sustainability Efforts
The mining giant is also actively exploring and developing copper reserves in Saudi Arabia and around the Red Sea, as part of its strategy to replenish depleted reserves and make new mineral discoveries.
In terms of sustainability, Barrick Gold has committed to reducing Scope 3 emissions and has been surpassing targets for water re-use and recycling. The company is also focused on contributing to community development initiatives.
Financial Performance and Shareholder Returns
Barrick Gold reported a substantial 35% increase in operating cash flow and an uptick in net earnings per share. The consistent quarterly dividend is a testament to the company's solid financial standing, which bolsters its capacity for investment in growth opportunities.
As for shareholder returns, Barrick has declared a dividend of $0.10 per share payable on December 15, 2023, for shareholders on record as of November 30, 2023.
