Barrick Gold Corporation has reported preliminary third quarter sales of 1.25 Moz of gold and 116 million pounds of copper, as well as preliminary third quarter production of 1.16 Moz of gold and 103 million pounds of copper.
Group gold production for the first nine months of 2020 was 3.6 Moz, and the company remains on track to achieve full-year production guidance.
The average market price for gold in the third quarter was $1,909 per ounce, while the average market price for copper in the third quarter was $2.96 per pound
Preliminary third quarter gold production was slightly higher than the second quarter of 2020, notwithstanding the fact that there was no third quarter production at Porgera in Papua New Guinea which was placed on care and maintenance on April 25, 2020.
Excluding Porgera, third quarter gold production was 3% higher than the second quarter mainly due to stronger performances from Carlin and Pueblo Viejo following the completion of scheduled plant maintenance in the prior quarter.
Preliminary third quarter gold sales were slightly higher than the previous quarter and exceeded third quarter production following the export of the remaining stockpiled concentrate in Tanzania.
Third quarter gold cost of sales per ounce is expected to be in line, total cash costs per ounce3 are expected to be 2-4% lower and gold all-in sustaining costs per ounce are expected to be 5-7% lower, than in the second quarter of 2020.
Preliminary third quarter copper production and sales were both lower than the previous quarter, primarily because of lower throughput at Lumwana following plant maintenance completed in the quarter.
Third quarter copper cost of sales per pound is expected to be 4-6% lower and C1 cash costs per pound3 are expected to be 5-7% lower than the prior quarter.
Copper all-in sustaining costs per pound3 are expected to be 6-8% higher than the second quarter of 2020 because of higher capitalized stripping at Lumwana.
Barrick will provide additional discussion and analysis regarding its third quarter production and sales when the company reports its quarterly results before North American markets open on November 5, 2020.