Barrick Reports Q3 Preliminary Production Results With Continued Improvement at Pueblo Viejo
Barrick Gold (NYSE:GOLD) reported preliminary Q3 production results, with 943 thousand ounces of gold and 48 thousand tonnes of copper produced. Sales for the quarter included 967 thousand ounces of gold and 42 thousand tonnes of copper. The company expects a stronger Q4 to meet its 2024 production guidance. Q3 gold production was stable compared to Q2, with Pueblo Viejo showing a 23% sequential improvement. North Mara and Turquoise Ridge also performed well, while Carlin's Gold Quarry roaster expansion is set to boost Q4 throughput. Q3 gold cost of sales per ounce is expected to rise by 1%-3%, with total cash costs up 3%-5% and all-in sustaining costs up 0%-2%. Copper production increased due to higher grades and recoveries at Lumwana. However, Q3 copper cost of sales per pound is anticipated to increase by 5%-7%, with C1 cash costs up 13%-15%, although all-in sustaining costs are expected to decline by 2%-4%. Barrick will release its full Q3 2024 results on November 7, 2024.
Barrick Gold (NYSE:GOLD) ha riportato i risultati preliminari della produzione del terzo trimestre, con 943 mila once d'oro e 48 mila tonnellate di rame prodotte. Le vendite per il trimestre hanno incluso 967 mila once d'oro e 42 mila tonnellate di rame. L'azienda si aspetta un quarto trimestre più forte per rispettare le previsioni di produzione del 2024. La produzione d'oro del terzo trimestre è rimasta stabile rispetto al secondo trimestre, con Pueblo Viejo che ha mostrato un miglioramento sequenziale del 23%. Anche North Mara e Turquoise Ridge hanno registrato buone performance, mentre l'espansione dell'impianto di lavorazione di Carlin's Gold Quarry è destinata ad aumentare il throughput nel quarto trimestre. Si prevede che il costo delle vendite per l'oro nel terzo trimestre aumenti dell'1%-3%, con costi totali in contante in crescita del 3%-5% e costi complessivi di mantenimento che aumenteranno dello 0%-2%. La produzione di rame è aumentata grazie a gradi e recuperi superiori a Lumwana. Tuttavia, il costo delle vendite di rame per libbra nel terzo trimestre è previsto aumentare del 5%-7%, con costi in contante C1 in aumento del 13%-15%, sebbene i costi complessivi di mantenimento siano previsti in calo del 2%-4%. Barrick rilascerà i risultati completi del terzo trimestre 2024 il 7 novembre 2024.
Barrick Gold (NYSE:GOLD) ha reportado los resultados preliminares de producción del tercer trimestre, con 943 mil onzas de oro y 48 mil toneladas de cobre producidas. Las ventas del trimestre incluyeron 967 mil onzas de oro y 42 mil toneladas de cobre. La empresa espera un cuarto trimestre más robusto para cumplir con su guía de producción para 2024. La producción de oro en el tercer trimestre se mantuvo estable en comparación con el segundo trimestre, con Pueblo Viejo mostrando una mejora secuencial del 23%. North Mara y Turquoise Ridge también tuvieron un buen desempeño, mientras que la expansión del procesador de Carlin's Gold Quarry está programada para aumentar el rendimiento del cuarto trimestre. Se espera que el costo de ventas de oro por onza en el tercer trimestre aumente entre un 1%-3%, con costos totales en efectivo que suben un 3%-5% y costos de mantenimiento totales que aumentan entre un 0%-2%. La producción de cobre aumentó debido a mayores grados y recuperaciones en Lumwana. Sin embargo, se anticipa que el costo de ventas de cobre por libra en el tercer trimestre aumente entre un 5%-7%, con costos en efectivo C1 que aumentan entre un 13%-15%, aunque se espera que los costos de mantenimiento totales disminuyan entre un 2%-4%. Barrick publicará sus resultados completos del tercer trimestre de 2024 el 7 de noviembre de 2024.
Barrick Gold (NYSE:GOLD)는 3분기 생산 결과를 preliminariamente 보고했으며, 943,000 온스의 금과 48,000 톤의 구리를 생산했습니다. 분기 매출은 967,000 온스의 금과 42,000 톤의 구리를 포함했습니다. 회사는 2024년 생산 지침을 충족하기 위해 4분기에 더 강력한 성과를 기대하고 있습니다. 3분기 금 생산량은 2분기와 비교해 안정적이었으며, Pueblo Viejo는 순차적으로 23% 개선되었습니다. North Mara와 Turquoise Ridge도 좋은 성능을 보였고, Carlin의 Gold Quarry 로스터 확장은 4분기 처리량을 증가시킬 예정입니다. 3분기 금 판매비용은 온스당 1%-3% 상승할 것으로 예상되며, 총 현금 비용은 3%-5% 증가하고 전체 유지 비용은 0%-2% 증가할 것으로 보입니다. Lumwana에서의 고품질 및 회수율 향상으로 인해 구리 생산이 증가했습니다. 그러나 3분기 구리 판매비용은 파운드당 5%-7% 증가할 것으로 예상되며, C1 현금 비용은 13%-15% 증가할 것으로 보이지만, 전체 유지 비용은 2%-4% 감소할 것으로 예상됩니다. Barrick는 2024년 11월 7일에 3분기 전체 결과를 발표할 예정입니다.
Barrick Gold (NYSE:GOLD) a rapporté des résultats de production préliminaires pour le troisième trimestre, avec 943 000 onces d'or et 48 000 tonnes de cuivre produites. Les ventes pour le trimestre ont inclus 967 000 onces d'or et 42 000 tonnes de cuivre. L'entreprise s'attend à un quatrième trimestre plus solide pour atteindre ses prévisions de production pour 2024. La production d'or du troisième trimestre est restée stable par rapport au deuxième trimestre, avec Pueblo Viejo montrant une amélioration séquentielle de 23 %. North Mara et Turquoise Ridge ont également bien performé, tandis que l'expansion de l'installation de Carlin's Gold Quarry est prévue pour augmenter le traitement au quatrième trimestre. Les coûts de vente de l'or pour le troisième trimestre devraient augmenter de 1% à 3%, avec des coûts totaux en espèces en hausse de 3% à 5% et des coûts d'entretien tous inclus en hausse de 0% à 2%. La production de cuivre a augmenté en raison de meilleurs grades et taux de récupération à Lumwana. Cependant, les coûts de vente de cuivre par livre pour le troisième trimestre devraient augmenter de 5% à 7%, avec des coûts en espèces C1 augmentant de 13% à 15%, bien que les coûts d'entretien tous inclus devraient diminuer de 2% à 4%. Barrick publiera ses résultats complets du troisième trimestre 2024 le 7 novembre 2024.
Barrick Gold (NYSE:GOLD) hat vorläufige Produktionszahlen für das dritte Quartal veröffentlicht, mit 943.000 Unzen Gold und 48.000 Tonnen Kupfer. Die Verkäufe für das Quartal umfassten 967.000 Unzen Gold und 42.000 Tonnen Kupfer. Das Unternehmen erwartet ein stärkeres viertes Quartal, um die Produktionsprognose für 2024 zu erfüllen. Die Goldproduktion im dritten Quartal blieb im Vergleich zum zweiten Quartal stabil, wobei Pueblo Viejo eine sequenzielle Verbesserung von 23 % zeigte. North Mara und Turquoise Ridge schnitten ebenfalls gut ab, während die Erweiterung der Gold Quarry von Carlin den Durchsatz im vierten Quartal erhöhen soll. Die Goldkosten pro Unze werden voraussichtlich um 1%-3% steigen, während die Gesamtkosten in bar um 3%-5% und die nachhaltigen Gesamtkosten um 0%-2% steigen werden. Die Kupferproduktion stieg aufgrund höherer Gehalte und Rücklaufquoten in Lumwana. Es wird jedoch erwartet, dass die Kosten für Kupferverkäufe pro Pfund im dritten Quartal um 5%-7% steigen, mit C1-Bargeldkosten, die um 13%-15% steigen, während die gesamten nachhaltigen Kosten um 2%-4% sinken sollen. Barrick wird die vollständigen Ergebnisse für das dritte Quartal 2024 am 7. November 2024 veröffentlichen.
- Pueblo Viejo delivered a 23% sequential improvement.
- North Mara had a stronger quarter driven by higher grades.
- Carlin's Gold Quarry roaster expansion is expected to boost Q4 throughput.
- Turquoise Ridge showed improved underground mining performance.
- Kibali's underground development opened access to high-grade areas.
- Q3 gold cost of sales per ounce expected to rise by 1%-3%.
- Total cash costs per ounce expected to increase by 3%-5%.
- All-in sustaining costs per ounce expected to rise by 0%-2%.
- Q3 copper cost of sales per pound anticipated to increase by 5%-7%.
- C1 cash costs per pound expected to rise by 13%-15%.
Insights
Barrick Gold's Q3 2024 preliminary results show steady performance with potential for improvement in Q4. Key points:
- Gold production of 943,000 ounces and copper production of 48,000 tonnes
- Average market prices:
$2,474 per ounce for gold,$4.18 per pound for copper - 23% sequential improvement at Pueblo Viejo due to plant optimization
- Expected 1-3% increase in gold cost of sales per ounce and 3-5% increase in total cash costs per ounce compared to Q2
- Copper production higher than Q2, driven by improvements at Lumwana
The company maintains its full-year guidance, expecting a stronger Q4. While costs are slightly up, higher gold prices may offset this. The Carlin Gold Quarry roaster expansion and improved access to high-grade ore at Kibali are positive developments for Q4 performance.
Barrick's Q3 results demonstrate operational resilience and strategic improvements across key assets. The 23% improvement at Pueblo Viejo is particularly noteworthy, showcasing successful plant optimization efforts. The completion of the Gold Quarry roaster expansion at Carlin is a significant milestone, potentially boosting throughput and recoveries in Q4.
The higher grades at North Mara and improved underground mining at Turquoise Ridge indicate effective mine planning and execution. At Lumwana, the ramp-up in stripping activities is paying off with higher grades and recoveries, a trend expected to continue into Q4.
While cost increases are a concern, they're relatively modest given the inflationary environment. The company's ability to maintain full-year guidance despite challenges speaks to its operational flexibility and robust asset portfolio. Investors should watch for the Q4 performance, which will be important for meeting annual targets.
All amounts expressed in US dollars
TORONTO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q3 production of 943 thousand ounces of gold and 48 thousand tonnes of copper, as well as preliminary Q3 sales of 967 thousand ounces of gold and 42 thousand tonnes of copper. The Company continues to expect a materially stronger Q4 to deliver 2024 production within the range of its full year gold and copper guidance.
The average market price for gold in Q3 was
Preliminary Q3 gold production was in line with Q2. Pueblo Viejo delivered a
As expected, preliminary Q3 copper production was higher than Q2, driven primarily by higher grades and recoveries at Lumwana following improved ore access driven by the ramp up in stripping activities in Q2, with further improvements expected in Q4. Compared to Q2, Q3 copper cost of sales per pound1 is expected to be
Barrick will provide additional discussion and analysis regarding its third quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on November 7, 2024.
The following table includes preliminary gold and copper production and sales results from Barrick's operations:
| Three months ended September 30, 2024 | Nine months ended September 30, 2024 | |||
| Production | Sales | Production | Sales | |
| Gold (attributable ounces (000)) | ||||
| Carlin ( | 182 | 183 | 589 | 592 |
| Cortez ( | 98 | 99 | 319 | 321 |
| Turquoise Ridge ( | 76 | 77 | 210 | 209 |
| Phoenix ( | 29 | 28 | 88 | 89 |
| Nevada Gold Mines ( | 385 | 387 | 1,206 | 1,211 |
| Loulo-Gounkoto ( | 144 | 135 | 422 | 412 |
| Pueblo Viejo ( | 98 | 96 | 259 | 257 |
| North Mara ( | 75 | 78 | 175 | 174 |
| Kibali ( | 71 | 77 | 229 | 230 |
| Veladero ( | 57 | 78 | 170 | 179 |
| Bulyanhulu ( | 37 | 37 | 124 | 121 |
| Hemlo | 30 | 28 | 104 | 105 |
| Tongon ( | 28 | 32 | 109 | 113 |
| Porgera ( | 18 | 19 | 33 | 31 |
| Total Gold | 943 | 967 | 2,831 | 2,833 |
| Copper (attributable tonnes (000)) | ||||
| Lumwana | 30 | 26 | 77 | 73 |
| Zaldívar ( | 10 | 10 | 29 | 28 |
| Jabal Sayid ( | 8 | 6 | 25 | 22 |
| Total Copper | 48 | 42 | 131 | 123 |
Third Quarter 2024 Results
Barrick will release its Q3 2024 results before market open on November 7, 2024. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK at 11:00 EST/16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814
The Q3 2024 presentation materials will be available on Barrick’s website at www.barrick.com.
The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 412 317 0088 (international toll), replay access code 8607451.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
barrick@dpapr.com
Website: www.barrick.com
Technical Information
The scientific and technical information contained in this news release has been reviewed and approved by: Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive (in this capacity, Mr. Bottoms is responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); and Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East—each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Endnote 1
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in care and maintenance) divided by ounces sold (both on an attributable basis, based on Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis, based on Barrick’s ownership share).
References to attributable basis means our
Endnote 2
"Total cash costs per ounce" and "all-in sustaining costs per ounce" are non-GAAP financial measures which are calculated based on the definition published by the World Gold Council ("WGC") (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.
Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and include sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.
We believe that our use of total cash costs and all-in sustaining costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.
Total cash costs per ounce and all-in sustaining costs per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.
"C1 cash costs per pound" and "all-in sustaining costs per pound" are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.
Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on November 7, 2024.
Cautionary Statements Regarding Preliminary Third Quarter Production, Sales and Costs for 2024, and Forward-Looking Information
Barrick cautions that, whether or not expressly stated, all third quarter figures contained in this press release including, without limitation, production levels, sales and associated costs are preliminary, and reflect our expected third quarter results as of the date of this press release. Actual reported third quarter production levels, sales and associated costs are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. Barrick will provide additional discussion and analysis and other important information about its third quarter production levels, sales and associated costs when it reports actual results on November 7, 2024. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s third quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the information contained herein.
Finally, Barrick cautions that this press release contains forward-looking statements with respect to: (i) Barrick’s expected fourth quarter production and ability to deliver within the range of its full year gold and copper guidance; and (ii) costs per ounce for gold and per pound for copper.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known or unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information.
Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; the resumption of operations at the Porgera mine and expected ramp up of mining and processing in 2024; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; whether benefits expected from recent transactions are realized; quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; failure to comply with environmental and health and safety laws and regulations; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; timing of, receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of inflation, including global inflationary pressures driven by supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with diseases, epidemics and pandemics; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
FAQ
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