Barrick Gold Reports Preliminary Q3 Production and Sales Results
Barrick Gold reported preliminary third-quarter production of 943,000 ounces of gold and 48,000 tonnes of copper, along with preliminary sales of 967,000 ounces of gold and 42,000 tonnes of copper. The company continues to anticipate a materially stronger fourth quarter, aiming to achieve its full-year gold and copper production guidance.
The average market price for gold in Q3 was $2,474 per ounce, while the average market price for copper was $4.18 per pound.
Gold production in the third quarter was consistent with the second quarter. Pueblo Viejo saw a 23% sequential improvement due to continued plant optimization, while North Mara had a stronger quarter thanks to higher grades. At Carlin, the Gold Quarry roaster expansion, completed during a Q3 shutdown, is expected to support higher throughput and recoveries in Q4. Turquoise Ridge improved compared to Q2, with stronger underground mining performance offsetting a planned shutdown of the Sage autoclave. At Kibali, underground development during Q3 provided access to more high-grade underground headings, which will be further supplemented by higher open pit grades and volumes to drive stronger performance in Q4.
Compared to Q2, gold cost of sales per ounce is expected to be 1% to 3% higher, total cash costs per ounce are expected to be 3% to 5% higher, and all-in sustaining costs per ounce are expected to be 0% to 2% higher, partially due to increased royalties linked to higher gold prices.
Preliminary copper production in Q3 exceeded Q2, driven by higher grades and recoveries at Lumwana, following improved ore access due to the ramp-up in stripping activities in Q2. Further improvements are expected in Q4. Compared to Q2, copper cost of sales per pound is expected to be 5% to 7% higher, C1 cash costs per pound are expected to be 13% to 15% higher, while all-in sustaining costs per pound are expected to be 2% to 4% lower, primarily due to decreased capitalized waste stripping at Lumwana.
