Barrick Gold Positioned to End 2023 Strong
Barrick Gold Corporation has reported preliminary sales numbers for the third quarter of the year that will have the company close 2023 with a strong finish. The company reported Q3 sales of 101 million pounds of copper and 1.3 million ounces of gold and a preliminary Q3 production rate of 112 million pounds of copper and 1.04 million ounces of gold.
While production in the third quarter was lower compared to prior production plans for the quarter, the numbers still put Barrick Gold on track to a strong finish as the year draws to a close. Barrick Gold may be facing production issues at the Pueblo Viejo mine coupled with delays in project expansion, but the company predicts a major increase in production volumes through the fourth quarter of the year.
Preliminary gold production in Q3 2023 surpassed Q2 production due to increased output at Cortez resulting from higher oxide production at Cortez Hills underground and the Crossroads open pit, Barrick Gold says. Furthermore, the Toronto, Canada-based company says it reached higher production at Turquoise Ridge, thanks to autoclave maintenance, and at Kibali because of improved ore grades. However, lower grades at Carlin due to a surge in stockpiles of processed ore offset the increased production.
Barrick expects a 2% to 4% decrease in gold costs during Q3 compared to Q2, a 4% to 6% drop in total cash costs per ounce, and a 6% to 8% drop in all-sustaining costs per ounce.
Gold prices averaged $1,928 per ounce in the third quarter of the year while copper prices in the same period averaged $3.79 per pound. The global economy has gone through significant ups and downs over the past couple of years and contributed to an atmosphere that typically has made gold a prime investment option for many investors.
However, despite gold’s long history of acting as a store of value during times of economic upheaval, the metal has failed to attract much investor interest in recent years. Consistent interest rate hikes by the U.S. Federal Reserve increased the opportunity costs of holding gold bullion and pushed investor interest toward alternative assets that paid interest.
While a historic gold buying spree by central banks from mid-2022 to early 2023 boosted and supported gold prices into the year, the high demand from central banks quickly faded as the year went on. With 2023 drawing to a close, experts predict that gold prices will rise over the long-term and may even surpass $2,300 in early 2024. Those bullish predictions, if they come to pass, will be to the benefit of various players such as Reunion Gold Corp. (TSX.V: RGD) (OTCQX: RGDFF) in the gold-industry value chain.
NOTE TO INVESTORS: The latest news and updates relating to Reunion Gold Corp. (TSX.V: RGD) (OTCQX: RGDFF) are available in the company’s newsroom at https://ibn.fm/RGDFF
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
Barrick Gold Corporation has reported preliminary sales numbers for the third quarter of the year that will have the company close 2023 with a strong finish. The company reported Q3 sales of 101 million pounds of copper and 1.3 million ounces of gold and a preliminary Q3 production rate of 112 million pounds of copper and 1.04 million ounces of gold.
While production in the third quarter was lower compared to prior production plans for the quarter, the numbers still put Barrick Gold on track to a strong finish as the year draws to a close. Barrick Gold may be facing production issues at the Pueblo Viejo mine coupled with delays in project expansion, but the company predicts a major increase in production volumes through the fourth quarter of the year.
Preliminary gold production in Q3 2023 surpassed Q2 production due to increased output at Cortez resulting from higher oxide production at Cortez Hills underground and the Crossroads open pit, Barrick Gold says. Furthermore, the Toronto, Canada-based company says it reached higher production at Turquoise Ridge, thanks to autoclave maintenance, and at Kibali because of improved ore grades. However, lower grades at Carlin due to a surge in stockpiles of processed ore offset the increased production.
Barrick expects a 2% to 4% decrease in gold costs during Q3 compared to Q2, a 4% to 6% drop in total cash costs per ounce, and a 6% to 8% drop in all-sustaining costs per ounce.
Gold prices averaged $1,928 per ounce in the third quarter of the year while copper prices in the same period averaged $3.79 per pound. The global economy has gone through significant ups and downs over the past couple of years and contributed to an atmosphere that typically has made gold a prime investment option for many investors.
However, despite gold’s long history of acting as a store of value during times of economic upheaval, the metal has failed to attract much investor interest in recent years. Consistent interest rate hikes by the U.S. Federal Reserve increased the opportunity costs of holding gold bullion and pushed investor interest toward alternative assets that paid interest.
While a historic gold buying spree by central banks from mid-2022 to early 2023 boosted and supported gold prices into the year, the high demand from central banks quickly faded as the year went on. With 2023 drawing to a close, experts predict that gold prices will rise over the long-term and may even surpass $2,300 in early 2024. Those bullish predictions, if they come to pass, will be to the benefit of various players such as Reunion Gold Corp. (TSX.V: RGD) (OTCQX: RGDFF) in the gold-industry value chain.
NOTE TO INVESTORS: The latest news and updates relating to Reunion Gold Corp. (TSX.V: RGD) (OTCQX: RGDFF) are available in the company’s newsroom at https://ibn.fm/RGDFF
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
