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
