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Gold
Bid : 3,074.78/oz
Ask : 3,084.00/oz
Silver
Bid : 34.54/oz
Ask: 34.64/oz
Platinum
Bid: 1,368.23/oz
Ask : 1,403.80/oz
Refresh in 00:00

Barrick Gold Corporation Reports Higher Gold Production in Q4 2023

January 16, 2024

Barrick Gold Corporation, a leading global mining company, announced today that it experienced a significant increase in gold production during the fourth quarter (Q4) of 2023. The company’s preliminary gold production for the full year of 2023 also met its forecast, demonstrating a strong performance in the face of challenging market conditions. In addition, copper production for the year remained within the company’s guidance range.

During the entirety of 2023, Barrick Gold Corporation achieved a total gold production of 4.05 million ounces, reaching its projected target. The company’s commitment to operational excellence and efficient mining practices contributed to this achievement. Furthermore, copper production for the year remained consistent with expectations, with a total production ranging from 420 to 470 million pounds.

In the fourth quarter of 2023, Barrick Gold Corporation recorded a gold production of 1.05 million ounces, making it the highest quarter for the year. The company also reported a copper production of 113 million pounds during the same period. These figures reflect the company’s ability to maintain stable production levels across all three sites.

The average market price for gold in Q4 was $1,971 per ounce, while the average market price for copper was $3.70 per pound. These market conditions had a significant impact on the financial performance of Barrick Gold Corporation during the quarter.

Barrick Gold Corporation expects a moderate increase in Q4 gold cost of sales per ounce, ranging from 6% to 8% compared to the previous quarter. This increase is attributed to various factors, including market dynamics and operational costs. The company also anticipates a corresponding increase in total cash costs per ounce and all-in sustaining costs per ounce, with expected ranges of 7% to 9% and 8% to 10%, respectively.

Similarly, Barrick Gold Corporation foresees an increase in Q4 copper cost of sales per pound, expected to be between 8% and 10% higher than the previous quarter. The company also expects a slight increase in C1 cash costs per pound, ranging from 5% to 7%, while all-in sustaining costs per pound are projected to decrease by 2% to 4%.

In response to the positive results, a representative from Barrick Gold Corporation stated, “Preliminary Q4 gold production was an improvement on Q3 and was the highest quarter for the year. We are pleased with our operational performance and our ability to meet our production targets.” The company also acknowledged the expected increase in gold cost of sales per ounce, stating, “Compared to Q3, Q4 gold cost of sales per ounce is expected to be 6% to 8% higher.”

Regarding copper production, the representative commented, “Preliminary Q4 copper production was in line with Q3, with consistent production across all three sites. However, we do anticipate an increase in copper cost of sales per pound compared to the previous quarter, reflecting market conditions and cost pressures.”

Barrick Gold Corporation continues to prioritise operational efficiency, cost management, and sustainable mining practices as it looks ahead to the future. The company remains committed to delivering value to its shareholders while navigating the evolving market landscape.

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