Barrick says 2023 targets ‘within reach’

Barrick Gold Corporation reported its preliminary first quarter sales results for gold and copper at the weekend, saying its 2023 targets remain within reach.

During the first quarter, the company reported 0.95 million ounces of sales of gold and 89 million pounds of copper.

“As previously guided, Barrick’s gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year. We remain on track to achieve our full year gold and copper guidance,” the company said in a statement at the weekend.

The average market price for gold in Q1 was $1,890 per ounce while the average market price for copper in the first quarter was $4.05 per pound.

According to the statement, as previously guided, preliminary first quarter gold production was lower than that of the fourth quarter of 2022 primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations.

This, the company said, was combined with lower grades at Kibali due to mine sequencing.
“Compared to the fourth quarter of 2022, the first quarter gold cost of sales per ounce is expected to be three to five percent higher while total cash costs per ounce is expected to be 13 percent to 15 percent higher and all-in sustaining costs per ounce are expected to be percent to 11 percent higher,” the company’s statement reads.

The higher total cash costs per ounce reflects the lower ounces produced and sold relative to the prior quarter, while the increase in all-in sustaining costs per ounce was also driven by lower sales volumes partially offset by lower sustaining capital expenditures.

Preliminary first quarter copper production was lower than that of the fourth quarter of 2022, driven by lower production at Lumwana and Zaldívar, as expected. (Agencies)