Stronger Q2 Puts Barrick On Track to Achieve 2023 Targets
Toronto – Barrick Gold Corporation has reported preliminary Q2 sales of 1.00 million ounces of gold and 101 million pounds of copper, as well as preliminary Q2 production of 1.01 million ounces of gold and 107 million pounds of copper. As previously guided, Barrick’s gold and copper production in 2023 is expected to increase through the year with the second half being higher than the first six months of 2023. The Company remains on track to achieve full year gold and copper guidance.1
The average market price for gold in Q2 was $1,976 per ounce while the average market price for copper in Q2 was $3.84 per pound. The Company’s second quarter realized copper price2 is expected to be 3% to 5% below the average second quarter market price for copper, primarily as a result of provisional pricing adjustments3 that reflect the decrease in the copper price over the course of Q2.
Preliminary Q2 gold production was higher than Q1, primarily as a result of higher production at Carlin, driven by a return to normal throughput levels following significant maintenance undertaken in the first four months of the year, as well as higher grades at both Kibali and Veladero. This was offset by lower production at: Cortez due to mine sequencing; Turquoise Ridge due to planned autoclave maintenance; and Pueblo Viejo, where tie-in work and commissioning of the plant expansion project impacted production. Compared to Q1, Q2 gold cost of sales per ounce4 is expected to be 3% to 5% lower, total cash costs per ounce5 are expected to be 1% to 3% lower, and all-in sustaining costs per ounce5 are expected to be up to 2% lower.
Preliminary Q2 copper production was higher than Q1, driven primarily by Lumwana. Compared to Q1, Q2 copper cost of sales per pound4 is expected to be 11% to 13% lower, C1 cash costs per pound5 are expected to be 15% to 17% lower, and all-in sustaining costs per pound5 are expected to be 7% to 9% lower.
Barrick will provide additional discussion and analysis regarding its second quarter 2023 production and sales when the Company reports its quarterly results before North American markets open on August 8, 2023.
