Barrick sees full-year gold output at lower end of forecast

Barrick Gold says it expects full-year gold production to be at the lower end of the range it forecast earlier and reported a fall in third-quarter preliminary output from the second quarter.

The world’s second-largest gold miner warned in August it could exceed its gold production cost guidance as miners battle with inflation and rising costs of labor, energy and mining supplies.

Barrick earlier this year forecast 2022 gold production of 4.2-million to 4.6-million ounces.

For the third quarter, it reported total preliminary gold production of 988,000 ounces compared with 1.04-million ounces in the second quarter.

It said third-quarter gold output fell due to weak production from its Veladero, Carlin and Turquoise Ridge mines.

Barrick said the average realized price for gold during the quarter was $1 729/oz, down from $ 871/oz in the previous quarter.

All-in sustaining costs (AISC) for gold, a key industry metric, is expected to be 3% to 5% higher in the third quarter than the second, while AISC for copper is expected to be 8% to 10% higher.

The Toronto, Canada-based miner had reported AISCs of $1 212/oz of gold and $2.87/lb of copper for its second quarter.

Copper production rose 2.5% to 123-million pounds in the third quarter, driven by strong performance at its Lumwana mine in Zambia, southern Africa.

The company will announce its third-quarter earnings on November 3.

SOURCE: MINING WEEKLY