Barrick Gold Maintains Production Target Amid Decline in Gold Output and Rise in Copper
Barrick Gold has reaffirmed its production target for the year despite a decrease in gold output and an increase in copper production in the latest quarter. The Canadian company, known as one of the largest gold producers globally, reported preliminary third-quarter production of 943,000 ounces of gold and sales of 967,000 ounces. This represents a slight decrease from the 948,000 ounces produced in the previous quarter.
Copper output is estimated at 48,000 metric tons, with sales reaching 42,000 tons for the quarter. Barrick had produced 43,000 tons in the previous quarter. The company remains confident in achieving its production guidance for the year, aiming to produce between 3.9 million to 4.3 million ounces of gold and 180,000 to 210,000 metric tons of copper.
Insight into Production Improvement Strategies
Barrick Gold is focused on increasing its attributable production by about 30% in gold-equivalent ounces by the end of the decade. The company has implemented strategies to optimize production at key operations. For instance, improvements in gold production were seen at the Pueblo Viejo operation in the Dominican Republic, thanks to continued plant optimization. The North Mara mine in Tanzania also had a strong quarter due to higher grades. Additionally, the Turquoise Ridge mine in Nevada experienced a boost in gold output despite a planned shutdown of an autoclave during the quarter.
Enhancements in Copper Production
In terms of copper production, Barrick attributed the increase to higher grades and recoveries at the Lumwana mine in Zambia. This improvement was driven by enhanced ore access resulting from increased stripping activities in the previous quarter.
Quarterly Financial Results and Outlook
Barrick Gold is set to release its quarterly financial results on November 7th, providing more insight into its performance and future outlook. Despite challenges faced in the third quarter, the company remains committed to achieving its production targets and further enhancing its operations in both gold and copper production.
For inquiries, contact Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
October 16, 2024 07:41 ET (11:41 GMT)
