Barrick On Track to Achieve 2024 Targets
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q1 production of 940 thousand ounces of gold and 40 thousand tonnes of copper, as well as preliminary Q1 sales of 910 thousand ounces of gold and 39 thousand tonnes of copper.
As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans. We remain on track to achieve our full year gold and copper guidance.
The average market price for gold in Q1 was $2,070 per ounce while the average market price for copper in Q1 was $3.83 per pound.
As planned, preliminary Q1 gold production was lower than Q4 2023 mainly as a result of planned maintenance at Nevada Gold Mines and mine sequencing at various sites.
In line with our plans, as a result of the lower production, Q1 gold cost of sales per ounce1 is expected to be 4% to 6% higher, total cash costs per ounce2 are expected to be 6% to 8% higher, and all-in sustaining costs per ounce2 are expected to be 7% to 9% higher compared to Q4 2023. Costs are expected to drop in the successive quarters of the year as production ramps up.
Preliminary Q1 copper production was lower than Q4 2023, driven primarily by lower grades mined at Lumwana in accordance with the mine plan.
Compared to Q4 2023, driven by the lower production and in line with plans, Q1 copper cost of sales per pound1 is expected to be 9% to 11% higher, C1 cash costs per pound2 are expected to be 10% to 12% higher, while all-in sustaining costs per pound2 are expected to be 14% to 16% higher. Costs are expected to drop in the successive quarters of the year as production ramps up.
Barrick will provide additional discussion and analysis regarding its first quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on May 1, 2024.
The following table includes preliminary gold and copper production and sales results from Barrick’s operations:
| Three months ended March 31, 2024 | ||
| Production | Sales | |
| Gold (attributable ounces (000)) | ||
| Carlin (61.5%) | 205 | 207 |
| Cortez (61.5%) | 119 | 121 |
| Turquoise Ridge (61.5%) | 62 | 62 |
| Phoenix (61.5%) | 34 | 34 |
| Nevada Gold Mines (61.5%) | 420 | 424 |
| Loulo-Gounkoto (80%) | 141 | 140 |
| Pueblo Viejo (60%) | 81 | 82 |
| Kibali (45%) | 76 | 72 |
| Veladero (50%) | 57 | 33 |
| North Mara (84%) | 46 | 46 |
| Bulyanhulu (84%) | 42 | 40 |
| Hemlo | 37 | 38 |
| Tongon (89.7%) | 36 | 35 |
| Porgera (24.5%) | 4 | 0 |
| Total Gold | 940 | 910 |
| Copper (attributable tonnes (000)) | ||
| Lumwana | 22 | 22 |
| Zaldívar (50%) | 9 | 9 |
| Jabal Sayid (50%) | 9 | 8 |
| Total Copper | ||
