Higher Q2 production puts Barrick on track to deliver 2024 targets
TORONTO – Barrick Gold Corporation has reported preliminary Q2 production of 948 thousand ounces of gold and 43 thousand tonnes of copper, as well as preliminary Q2 sales of 956 thousand ounces of gold and 42 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year with a higher weighting in the second half. The Company remains on track to achieve our full year gold and copper guidance.
The average market price for gold in Q2 was $2,338 per ounce while the average market price for copper in Q2 was $4.42 per pound.
Preliminary Q2 gold production was higher than Q1, as a result of increased production at Turquoise Ridge, following the completed maintenance at the Sage autoclave in Q1, continued successful ramp up at Porgera and significant increases at Tongon, North Mara and Kibali. These increases were partially offset by planned lower production at Cortez and Phoenix. Pueblo Viejo production was flat sequentially as throughput is ramped up with a shift to recovery rate optimization in H2 2024. Compared to Q1, Q2 gold cost of sales per ounce1 and total cash costs per ounce2 are both expected to be 0 to 2% higher. Absent the increase in the gold price in Q2, and consequential increase in royalties, total cash costs per ounce2 would have been lower compared to Q1. All-in sustaining costs per ounce2 are expected to be 1 to 3% higher. Costs are expected to drop in the second half of the year as production ramps up.
Preliminary Q2 copper production was higher than Q1, driven primarily by higher grades and recoveries at Lumwana following the ramp up in stripping activities in Q1 as well as the planned shutdown in Q1. Compared to Q1 2024, Q2 copper cost of sales per pound1 is expected to be 4 to 6% lower, C1 cash costs per pound2 are expected to be 8 to 10% lower, while all-in sustaining costs per pound2 are expected to be 1 to 3% higher primarily due to increased waste stripping at Lumwana. Costs are expected to drop in the second half of the year as production ramps up.
Barrick will provide additional discussion and analysis regarding its second quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on August 12, 2024.
