Barrick Reports Higher Q4 Gold Production 1International Gold 

Barrick Reports Higher Q4 Gold Production

 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) yesterday reported preliminary full year and fourth quarter 2023 production results.

On the back of higher Q4 production, preliminary gold production for the full year of 4.05 million ounces was consistent with our forecast as guided in our third quarter release.1 

Preliminary copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds.

The preliminary Q4 results show sales of 1.04 million ounces of gold and 117 million pounds of copper, as well as preliminary Q4 production of 1.05 million ounces of gold and 113 million pounds of copper.

The average market price for gold in Q4 was $1,971 per ounce and the average market price for copper in Q4 was $3.70 per pound.

Preliminary Q4 gold production was an improvement on Q3 and was the highest quarter for the year with stronger performances from Cortez, Phoenix and Pueblo Viejo.

This was partially offset by lower production at Loulo-Gounkoto, as planned, which still finished the year at the top end of the guidance range.

Compared to Q3, Q4 gold cost of sales per ounce2 is expected to be 6% to 8% higher, total cash costs per ounce3 are expected to be 7% to 9% higher and all-in sustaining costs per ounce3 are expected to be 8% to 10% higher than the prior quarter.

Preliminary Q4 copper production was in line with Q3, with consistent production across all three sites. Compared to Q3, Q4 copper cost of sales per pound2 is expected to be 8% to 10% higher, C1 cash costs per pound3 are expected to be 5% to 7% higher and all-in sustaining costs per pound3 is expected to be 2% to 4% lower, principally on the back of lower capitalized waste stripping at Lumwana.

Barrick will provide additional discussion and analysis regarding its full year and Q4 2023 production and sales when the Company reports its quarterly and full year results before North American markets open on February 14, 2024.

The following table includes preliminary gold and copper production and sales results from Barrick’s operations:

Three months ended
December 31, 2023
Twelve months ended
December 31, 2023
ProductionSalesProductionSales
Gold (attributable ounces (000))
Carlin (61.5%)224220868865
Cortez (61.5%)162164549548
Turquoise Ridge (61.5%)8486316318
Phoenix (61.5%)4139123120
Long Canyon (61.5%)2299
Nevada Gold Mines (61.5%)5135111,8651,860
Loulo-Gounkoto (80%)127127547546
Kibali (45%)9392343343
Pueblo Viejo (60%)9089335335
North Mara (84%)5961253254
Veladero (50%)5546207182
Tongon (89.7%)4242183185
Bulyanhulu (84%)4141180180
Hemlo3433141139
Total Gold1,0541,0424,0544,024
Copper (attributable pounds (millions))
Lumwana7370260249
Zaldívar (50%)23268992
Jabal Sayid (50%)17217167
Total Copper

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