Barrick: Q3 gold production was higher than Q2 due to higher production
Toronto – Barrick Gold Corporation has reported preliminary Q3 sales of 1.03 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. Q3 production was higher than Q2, although lower than previous plans for the quarter, especially at Pueblo Viejo where equipment design deficiencies contributed to the delayed ramp up of the expansion project. Barrick continues to expect a significant increase in fourth quarter production volume.
The average market price for gold in Q3 was $1,928 per ounce while the average market price for copper in Q3 was $3.79 per pound.
Preliminary Q3 gold production was higher than Q2 primarily as a result of higher production at Cortez driven by higher oxide production from the Crossroads open pit and Cortez Hills underground. In addition, production was higher at Turquoise Ridge due to planned autoclave maintenance in the previous quarter and at Kibali driven by improved grades. This was offset by lower production at Carlin due to lower grades resulting from an increase in stockpiled ore processed. Compared to Q2, Q3 gold cost of sales per ounce2 is expected to be 2% to 4% lower, total cash costs per ounce3 are expected to be 4% to 6% lower and all-in sustaining costs per ounce5 are expected to be up to 6% to 8% lower.
Preliminary Q3 copper production was higher than Q2, driven primarily by Lumwana. Compared to Q2, Q3 copper cost of sales per pound2 is expected to be 5% to 7% lower, C1 cash costs per pound3 are expected to be 9% to 11% lower, while all-in sustaining costs per pound5 are expected to be 2% to 4% higher, primarily due to an increase in capitalized stripping at Lumwana.
Barrick will provide additional discussion and analysis regarding its third quarter 2023 production and sales when the Company reports its quarterly results before North American markets open on November 2, 2023.
