HomeBusiness and policyBarrick on track to achieve 2021 production targets

Barrick on track to achieve 2021 production targets

Barrick Gold Corporation has reported preliminary Q3 sales of 1.07 Moz of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.09 Moz of gold and 100 million pounds of copper.

It remains on track to achieve 2021 guidance, with both the Africa & Middle East and Latin America & Asia Pacific regions continuing to trend to the higher end of their regional gold guidance and North America at the lower end.

As previously guided, Barrick’s Q4 gold production is expected to be the strongest of 2021 following the repair of the mill at Carlin’s Goldstrike roaster late in Q3. Consequently, for Nevada Gold Mines (NGM) both Carlin and Cortez are expected to be at the low end of their annual guidance ranges, whereas Phoenix and Long Canyon are expected to be at the top end of their guidance ranges.

Furthermore, production at Turquoise Ridge is expected to be below its annual guidance range, although full year production is still expected to be higher than the prior year. Production at Hemlo is also expected to be below its annual guidance range following a slower ramp-up of underground development due to Covid-19 movement restrictions.

The average market price for gold in Q3 was $1,790 per ounce, while the average market price for copper in Q3 was $4.25 per pound. The Company’s Q3 realized copper price is expected to be 5 to 7% below the average Q3 market price for copper, primarily as a result of provisional pricing adjustments that reflect the downward trend in copper prices during the quarter.

Preliminary Q3 gold production was higher than Q2, with improved performance at NGM following planned maintenance shutdowns in the previous quarter, the continuing ramp-up of operations at Bulyanhulu and improved performance at Veladero following the commissioning of the Phase 6 leach pad expansion in Q2. Q3 gold cost of sales per ounce and total cash costs per ounce are both expected to be flat to 2% higher and all-in sustaining costs per ounce are expected to be 4 to 6% lower than Q2.

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Preliminary Q3 copper production was higher than Q2, and Q4 is expected to be the strongest quarter of the year, mainly driven by higher grades from Lumwana. Q3 copper cost of sales per pound is expected to be 5 to 7% higher, C1 cash costs per pound are expected to be flat to 2% higher and copper all-in sustaining costs per pound are expected to be 4 to 6% lower than Q2.

Barrickhttps://www.barrick.com
On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.

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