Barrick Reports Stronger Q4 Gold Production
Barrick Gold Corporation yesterday 17.01.2023 reported preliminary full year and fourth quarter 2022 production results. On the back of stronger Q4 production, 13% higher than the previous quarter, preliminary gold production for the full year of 4.14 million ounces was approximately 1% lower than the 4.2 million ounces1 previously guided, while preliminary copper production of 440 million pounds for 2022 was in line with the guidance range of 420 to 470 million pounds.
The preliminary Q4 results indicate that the company sold 1.11 million ounces of gold and 99 million pounds of copper. Additionally, the company recorded preliminary Q4 production of 1.12 million ounces of gold and 96 million pounds of copper. The average market price for gold during Q4 was $1,726 per ounce and the average market price for copper was $3.63 per pound.
The preliminary Q4 gold production improved from the previous quarter and was the highest quarter of the year, thanks to stronger performances from Cortez, Carlin, and Tongon.
However, this was partially offset by lower production at Pueblo Viejo, which finished the year well within guidance. Compared to Q3, Q4 gold cost of sales per ounce is expected to be 4% to 6% higher, total cash costs per ounce are expected to be 2% to 4% lower and all-in sustaining costs per ounce are expected to be 1% to 3% lower than the previous quarter.
Preliminary Q4 copper production was lower than Q3, due to a combination of factors such as higher waste stripping, lower throughput, and lower grades at Lumwana, in accordance with the mine plan, and as previously disclosed by the company.
Compared to Q3, Q4 copper cost of sales per pound is expected to increase by 38% to 40%, C1 cash costs per pound are expected to increase by 20% to 22%, and all-in sustaining costs per pound are expected to increase by 26% to 28%.
This was due to the lower production from Lumwana, as well as higher input costs and higher sustaining capital at Zaldívar.
Barrick will provide additional discussion and analysis regarding its full year and Q4 2022 production and sales when the Company reports its quarterly and full year results before North American markets open on February 15, 2023.
The following table includes preliminary gold and copper production and sales results from Barrick’s operations:
| Three months ended December 31, 2022 | Twelve months ended December 31, 2022 | |||
| Production | Sales | Production | Sales | |
| Gold (attributable ounces (000)) | ||||
| Carlin (61.5%) | 265 | 266 | 966 | 968 |
| Cortez (61.5%) | 140 | 137 | 450 | 449 |
| Turquoise Ridge (61.5%) | 78 | 74 | 282 | 278 |
| Phoenix (61.5%) | 30 | 31 | 109 | 106 |
| Long Canyon (61.5%) | 3 | 3 | 55 | 55 |
| Nevada Gold Mines (61.5%) | 516 | 511 | 1,862 | 1,856 |
| Loulo-Gounkoto (80%) | 139 | 141 | 547 | 548 |
| Pueblo Viejo (60%) | 98 | 96 | 428 | 426 |
| Kibali (45%) | 97 | 94 | 337 | 332 |
| North Mara (84%) | 70 | 70 | 263 | 265 |
| Tongon (89.7%) | 63 | 59 | 180 | 178 |
| Veladero (50%) | 50 | 53 | 195 | 199 |
| Bulyanhulu (84%) | 49 | 49 | 196 | 205 |
| Hemlo | 38 | 38 | 133 | 132 |
| Total Gold | 1,120 | 1,111 | 4,141 | 4,141 |
| Copper (attributable pounds (millions)) | ||||
| Lumwana | 53 | 55 | 267 | 275 |
| Zaldívar (50%) | 25 | 24 | 98 | 98 |
| Jabal Sayid (50%) | 18 | 20 | 75 | 72 |
| Total Copper | 96 | 99 | 440 | 445 |
