Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Barrick increases Q3 production, reports stronger results

08 november 2023

Barrick Gold, a major Toronto-based gold and copper mining company, reported stronger operational results and higher earnings in the third quarter of 2023.

The company said its financial performance for the quarter was strong: operating cash flows grew by 35% to more than $1 billion, free cash flow was up significantly to $359 million, while net earnings per share increased 24% to $0.21 per share.

Gold production increased from 1 million ounces in the second quarter, to 1.04 million ounces in the third quarter driven by improved performances at Cortez, Turquoise Ridge and Kibali projects.

Barrick’s CEO Mark Bristow noted that the third-quarter performance was an improvement on the previous quarter’s and that the fourth quarter would be even better. However, despite the projected second-half improvement, gold production was forecast to be marginally below the low end of the yearly guidance range. Meanwhile, the copper production is expected to meet the guidance range.

Barrick’s key growth projects are the development of the Reko Diq copper and gold mine in Pakistan, and the expansion of the Lumwana copper mine in Zambia. The company said it is making steady progress on their development. Construction of Reko Diq is scheduled to start in 2025 targeting first production in 2028, and Lumwana’s expansion is scheduled on the same timetable.

Reko Diq will rank among the world’s top 10 copper producers when it reaches full production, while the expanded Lumwana mine is forecast to produce at an annual production rate of 240,000 tonnes of copper.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished