Barrick reports Q3 results, eyes strong finish to 2024
Plant optimisations resulted in a significantly improved performance at at Pueblo Viejo.
NYSE- and TSX-listed Barrick Gold on Wednesday released its preliminary production figures for the third quarter of 2024, revealing gold production of 943 000 oz and copper production of 48 000 t.
While these numbers represent a decline from the second quarter and fell short of analyst expectations, Barrick is hopeful for a "materially stronger" finish in the fourth quarter.
According to newswire Reuters, the company’s total gold output slightly missed analysts' forecasts of 975 000 oz, impacted by a decrease in production from its Nevada Gold Mines joint venture (JV) with Newmont, mainly owing to reduced production from its Nevada Gold Mines JV with Newmont, especially at the Carlin and Cortez mines. Gold production from these mines dropped to 385 000 oz, down from 401 000 oz in the second quarter.
However, Barrick's other operations, such as Pueblo Viejo, in Dominican Republic, and North Mara, in Tanzania, showed a strong performance. Pueblo Viejo, in particular, saw a 23% improvement quarter-on-quarter, thanks to ongoing plant optimisation.
For the third quarter, Barrick reported an average market price of $2 474/oz for gold and $4.18/lb for copper. While costs are expected to rise slightly, by 1% to 3% an ounce for gold and 5% to 7% per pound for copper, the company believes that operational improvements, especially at the Carlin mine following a roaster expansion, will support better results in the fourth quarter.
Copper production also saw a strong sequential increase of 11.6%, driven by better grades and recoveries at the Lumwana mine in Zambia. Barrick expects further copper production gains as stripping activities ramp up, improving access to ore.
Looking ahead, Barrick is confident that a stronger fourth quarter will help it meet its 2024 production guidance of 3.9-million to 4.3-million ounces of gold and 180 000 t to 210 000 t of copper.
Barrick will release its detailed quarterly results on November 7.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation