Barrick Gold Achieves Notable Q3 Performance with Production Boost
Barrick Gold Reports Significant Q3 Production Results
All amounts expressed in US dollars
TORONTO, Oct. 16, 2024 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has announced its preliminary production results for the third quarter, revealing an impressive output of 943 thousand ounces of gold and 48 thousand tonnes of copper. Additionally, Barrick achieved preliminary sales of 967 thousand ounces of gold and 42 thousand tonnes of copper, reflecting a robust operational performance. Looking ahead, the company is optimistic about a substantially stronger fourth quarter, working to meet its full-year gold and copper production guidance.
Pricing and Production Insights
In Q3, the average market price for gold reached $2,474 per ounce, while copper was priced at $4.18 per pound. Notably, the gold production figures for Q3 aligned closely with those from the previous quarter. Key contributors of this quarter included Pueblo Viejo, which experienced a 23% sequential enhancement attributed to continuous plant optimization. North Mara also had a solid quarter, driven by improved grades contributing to a more favorable output.
Key Developments Across Operations
During this period, the Gold Quarry roaster expansion at Carlin, completed during a scheduled Q3 shutdown, is set to enhance both throughput and recovery rates for Q4. Meanwhile, Turquoise Ridge delivered stronger performance compared to Q2, effectively managing to counterbalance a planned Sage autoclave shutdown.
At Kibali, the progress made in underground development during Q3 has now opened access to multiple high-grade headings, which alongside improving open pit grades, is expected to bolster performance in the upcoming quarter.
Cost Metrics and Expectations
In terms of costs, the anticipated gold cost of sales per ounce is expected to rise by 1% to 3% compared to Q2. Total cash costs per ounce are predicted to increase by 3% to 5%, while all-in sustaining costs are expected to remain stable with a potential increase of 0% to 2%. This trend reflects the higher royalty rates imposed due to the increased gold prices.
For copper, preliminary production in Q3 showed an uptick from Q2, driven by improved grades and recoveries at Lumwana. The cost of sales per pound for copper is projected to be 5% to 7% higher, with C1 cash costs per pound rising by 13% to 15%. Conversely, all-in sustaining costs per pound are expected to see a decrease of 2% to 4% primarily due to reduced capitalized waste stripping.
Looking Ahead: Q3 2024 Results Release
Barrick Gold Corporation plans to release its Full Q3 2024 results before the market opens on November 7, 2024. President and CEO Mark Bristow will host a live presentation outlining the results, providing stakeholders a chance to engage and ask questions. This presentation will be followed by a conference call, facilitated through an interactive webinar.
Furthermore, the materials associated with this presentation will be available on Barrick's official website, ensuring stakeholders have ample access to relevant insights.
Investor Relations and Contact Information
For any inquiries, interested parties are encouraged to get in touch with Kathy du Plessis, who oversees Investor and Media Relations at Barrick, at +44 20 7557 7738 or via email at barrick@dpapr.com.
Barrick Gold Corporation remains dedicated to transparency and constructive engagement with its investors, ensuring continuous communication regarding operational updates and market trends.
Frequently Asked Questions
1. What is Barrick Gold's production for Q3 2024?
Barrick Gold reported a production of 943 thousand ounces of gold and 48 thousand tonnes of copper for Q3 2024.
2. How does Barrick expect Q4 2024 to perform?
The company anticipates a materially stronger Q4 to meet its annual production goals for both gold and copper.
3. Where can I find more information on Barrick’s financial releases?
Detailed reports and release materials will be available on Barrick’s official website following the announcement of Q3 results.
4. Who can I contact for investor relations?
For investor relations inquiries, you can reach Kathy du Plessis at +44 20 7557 7738 or via email at barrick@dpapr.com.
5. What financial metrics does Barrick track?
Barrick tracks several key financial metrics, including gold and copper cost of sales, total cash costs, and all-in sustaining costs to evaluate performance.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- Hargreave Hale AIM VCT Takes Significant Step with Share Purchases
- Wendel Strengthens Educational Presence with Globeducate Stake
- HighCo Reports Slightly Improved Q3 2024 Gross Profit Insights
- Discover the Culinary World with Eater's New App Launch
- Scope Technologies Integrates RoofScope with Xactimate for Easier Claim Processing
- Innovative AI Solutions by PRophet to Boost Brand Safety
- IAC Partners with Steel Dynamics for Biocarbon Drying Systems
- OptMed Inc. Innovates with FDA Clearance for TearRepair™
- Progress Software Achieves Record Stock High of $67.5 Amid Growth
- Teleperformance Stock Upgrade: Market Potential Rising
Recent Articles
- Techem's Commitment to Sustainability Shines with High ESG Ratings
- Nobel Resources Corp. Enhances Financing with New Terms
- Unlocking Value: Scilex Holding Explores Innovative Options
- Opthea Announces Upcoming Annual General Meeting with Board Changes
- Tilray Brands Unveils Seasonal Craft Beer Lineup for Fall
- Bravo Mining Corp's Trenching Uncovers Significant PGM+Au Gains
- Cullinan Therapeutics Launches Groundbreaking Lupus Drug Trials
- Citi Adjusts Qualcomm's Stock Target Amid Apple Changes
- B. Riley Financial Announces Preferred Stock Dividend Details
- Exscientia and Sanofi Drive Breakthroughs in Drug Development
- Impact of Bridge Closures on Freight Movement in the U.S.
- BioLineRx Strengthens Patent Protection for Motixafortide
- Evolution Petroleum: A Bright Future Amidst Market Changes
- Ardagh Metal Packaging Expands its Renewable Energy Initiative
- Cyngn's Latest Patent Strengthens AV Decision-Making Technology
- Celebrating Leadership: Tabatha Snow Named Top Dental Manager
- B. Riley Financial Announces Strategic Cash Dividend Plans
- Adicet Bio Expands Phase 1 Trials for Autoimmune Treatment
- Versiti Partners with Velico to Advance Blood Health Solutions
- OKYO Pharma Unveils Phase 2 Trial Recruitment for Ocular Pain Relief
- Georgia-Pacific Building Products Rejoins EIFS Industry Association
- BioLineRx Strengthens Market Position with New Cancer Drug Patent
- Techem's Impressive ESG Risk Rating Positions Them for Success
- Freeport McMoRan Adjusts Copper Sales Amid Production Setbacks
- Bystronic AG's Strategic Response to 2024 Sales Decline
- Synchrony Financial Achieves Impressive Earnings Performance
- Formycon's FYB206: A Promising Biosimilar for Keytruda
- Key Insights for Q3 Earnings Season in European Markets
- U.S. Bancorp Surprises with Strong Earnings Despite Revenue Dip
- British American Tobacco Set to Introduce Synthetic Nicotine Pouches
- Citizens Financial Group Reports Earnings Amid Revenue Challenges
- Strategic Stock Moves: Buy Occidental and Microsoft, Sell DG
- Pharvaris to Showcase Deucrictibant Research at Leading Conferences
- Elon Musk's Campaign Talks in Pennsylvania Emphasize Free Speech
- Sagimet Biosciences' Key Presentations at Liver Meeting 2024
- Opthea Announces Annual General Meeting and Leadership Changes
- Apellis to Showcase VALIANT Study Insights at ASN Kidney Week
- Discovering Top-Rated Stocks: First Solar and Clearway Energy
- Orally Disintegrating Tablets Set for Remarkable Growth Ahead
- Qualcomm's Strategic Decision: Waiting for Post-Election Insights
- Hydreight Technologies Reports Impressive Growth and Revenue Surge
- Introducing ECOTRIA CLARO 300: A New Era in Sustainable Packaging
- Green Ammo Secures Vital Defense Contracts Amid Shortages
- Perspective Therapeutics Enhances Production Capabilities
- Main Street Capital Solidifies Position with New $41.4 Million Deal
- Scilex Holding Explores Strategies for Enhancing Subsidiary Value
- Gyrodyne Celebrates Legal Victory for Flowerfield Development
- B. Riley Financial Announces Cash Dividends for Preferred Stock
- Apellis Presents Findings on Pegcetacoplan at ASN Kidney Week
- EyePoint Pharmaceuticals Expands Staff with Inducement Grants