Barrick Gold sees higher gold, copper output in Q2

July 14, 2023 (MLN): Barrick Gold Corporation (NYSE: GOLD)’s preliminary sales for quarter to of 2023 stands at 1 million ounces of gold and 101m pounds of copper, the company reported on Thursday.

Similarly, it reported the preliminary Q2 production to be 1.01m ounces of gold and 107m pounds of copper.

Barrick’s gold and copper production in 2023 is expected to increase through the year with the second half being higher than the first six months of 2023, they noted.

The company remains on track to achieve full-year gold and copper guidance.

The average market price for gold in Q2 was $1,976 per ounce while the average market price for copper in Q2 was $3.84 per pound.

The company’s second-quarter realized copper price is expected to be 3% to 5% below the average second-quarter market price for copper, primarily as a result of provisional pricing adjustments that reflect the decrease in the copper price over the course of Q2.

Preliminary Q2 gold production was higher than Q1, primarily as a result of higher production at Carlin, driven by a return to normal throughput levels following significant maintenance undertaken in the first four months of the year, as well as higher grades at both Kibali and Veladero.

As per the company's latest reporting, this was offset by lower production at

• Cortez due to mine sequencing.
• Turquoise Ridge due to planned autoclave maintenance.
• Pueblo Viejo, where tie-in work and commissioning of the plant expansion project impacted production.

Compared to Q1, Q2 gold cost of sales per ounce is expected to be 3% to 5% lower, total cash costs per ounce are expected to be 1% to 3% lower, and all-in-sustaining costs per ounce are expected to be up to 2% lower.

Preliminary Q2 copper production was higher than Q1, driven primarily by Lumwana. Compared to Q1, Q2 copper cost of sales per pound4 is expected to be 11% to 13% lower, C1 cash costs per pound are expected to be 15% to 17% lower, and all-in sustaining costs per pound5 are expected to be 7% to 9% lower.

The company’s second-quarter 2023 results are scheduled to be released before North American markets open on August 8, 2023.

Preliminary gold and copper production and sales results from Barrick's operations

Attributable ounces (000)

Attributable pounds (millions)

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