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.
