Barrick Gold's Preliminary Q3 Production Results
All amounts expressed in US dollars. Barrick Gold Corporation (NYSE: GOLD, TSX: ABX) recently unveiled its preliminary production figures for the third quarter of 2024. With impressive numbers reflecting a total production of 943 thousand ounces of gold and 48 thousand tonnes of copper, Barrick is poised for a strong finish to the year.
Quarterly Performance Insights
In Q3, Barrick achieved preliminary gold sales of 967 thousand ounces and copper sales of 42 thousand tonnes. The company anticipates that the fourth quarter will yield even stronger results, helping to align the total production for 2024 within its gold and copper production guidance. The average market price for gold during this quarter stood at $2,474 per ounce, while copper commanded an average price of $4.18 per pound.
Performance Across Operations
Pueblo Viejo, one of Barrick's key operations, demonstrated a significant sequential improvement of 23% due to ongoing plant optimization efforts. Similarly, North Mara reported enhanced performance, benefiting from higher ore grades. The Carlin operation finished an expansion of the Gold Quarry roaster, which is projected to enhance throughput and recovery rates in Q4. Meanwhile, Turquoise Ridge saw improvements due to strong underground mining outputs, compensating for a planned autoclave shutdown. At Kibali, access to high-grade underground headings was enhanced, promising a continued uptick in productivity.
Cost Expectations
When analyzing the anticipated costs associated with gold production, the cost of sales per ounce is projected to rise by 1% to 3% compared to Q2. Total cash costs are anticipated to increase by 3% to 5%. Additionally, all-in sustaining costs may see a slight rise of up to 2%, partly due to higher royalties due to improved gold prices. Regarding copper, an increase in costs is expected, notably a 5% to 7% climb in sales costs per pound.
Future Production and Sales Analysis
Barrick's management plans to provide an in-depth analysis of its Q3 2024 production and sales when it reports its quarterly results on November 7, 2024. This report will hold critical information for stakeholders looking to understand Barrick's operational dynamics and future projections.
Q3 2024 Results Presentation
The company's president and CEO will lead a live presentation of the Q3 results, with follow-up Q&A sessions available for participants. This will provide an excellent opportunity for investors and analysts to engage directly with the company’s leadership and gain insights into operational strategies and market positioning.
Contact Information
If you have inquiries or require further details, please reach out to:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
barrick@dpapr.com
Frequently Asked Questions
1. What were Barrick's total gold and copper production figures for Q3 2024?
Barrick produced 943 thousand ounces of gold and 48 thousand tonnes of copper in Q3 2024.
2. How does Barrick's Q3 2024 performance compare to Q2?
Production figures for gold remained consistent with Q2, while copper production increased due to improved ore grades.
3. What are the expected trends in production costs for the end of 2024?
Gold costs per ounce are expected to rise by 1% to 3%, while total cash costs and all-in sustaining costs are projected to increase by 3% to 5% and up to 2%, respectively.
4. When will Barrick Gold release Q3 2024 detailed results?
Detailed results will be provided by Barrick before market opening on November 7, 2024.
5. How can investors participate in Barrick's results presentation?
Investors can participate in the live presentation on November 7, 2024, where they can engage in Q&A sessions.
