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Copper|Gold|Operations
Copper|Gold|Operations
copper|gold|operations

Barrick reports Q3 results, eyes strong finish to 2024

Plant optimisations resulted in a significantly improved performance at  at Pueblo Viejo.

Plant optimisations resulted in a significantly improved performance at at Pueblo Viejo.

16th October 2024

By: Creamer Media Reporter

     

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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.

Edited by Creamer Media Reporter

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