Barrick’s third-quarter Gold and Copper output rise

NYSE- and TSX-listed Barrick Gold on last week reported an increase in gold and copper output, compared with the previous quarter.

However, the company noted that production fell short of its quarterly targets. Barrick produced 1.04-million ounces of gold and 112-million pounds of copper.

Higher production at the Cortez mine, in Nevada, helped the miner report a quarter-on-quarter gold production increase, while production at Turquoise Ridge, also in Nevada, was higher than planned, owing to planned autoclave maintenance in the previously quarter. Higher production at Kibali, in the Democratic Republic of Congo, was driven by improved grades.

This was offset by lower production at Carlin, in Nevada, owing to lower grades resulting from an increase in stockpiled ore processed.

Equipment design deficiencies at Pueblo Viejo, in Dominican Republic, contributed to the delayed ramp-up of its expansion project. This resulted in the company missing its target for the third quarter. Barrick said that it continued to expect a significant increase in fourth-quarter production volume.

Compared to the second quarter, third-quarter gold cost of sales per ounce are expected to be 2% to 4% lower, total cash costs per ounce are expected to be 4% to 6% lower and all-in sustaining costs (AISC) per ounce are expected to be 6% to 8% lower.

Preliminary third-quarter copper production was higher than the second quarter, driven primarily by Lumwana, in Zambia.

Third-quarter copper cost of sales per pound is expected to be 5% to 7% lower, C1 cash costs per pound are expected to be 9% to 11% lower, while AISC per pound are expected to be 2% to 4% higher, primarily owing to an increase in capitalized stripping at Lumwana. Barrick will report its quarterly results before North American markets open on November 2.

SOURCE:miningweekly