Barrick Gold Corporation has published its preliminary production results for the third quarter of 2024, indicating the full-year results are on track to be within the range of its gold and copper guidance.
In Q3 2024, the company produced 943 thousand ounces of gold and 48 thousand tonnes of copper, while sales amounted to 967 thousand ounces of gold and 42 thousand tonnes of copper.
While these numbers represent a decline from the second quarter and fell short of analyst expectations, Barrick is hopeful for a "materially stronger" finish in the fourth quarter.
Pueblo Viejo gold project delivered a 23% sequential improvement on continued plant optimization, whilst North Mara had a stronger quarter driven by higher grades. Meanwhile, gold production at Carlin and Cortez mines dropped to 385 000 oz, from 401 000 oz in the second quarter.
Copper production also saw a strong sequential increase of 11.6%, driven by better grades and recoveries at the Lumwana mine in Zambia. Barrick expects further copper production gains as stripping activities ramp up, improving access to ore.
For the third quarter, Barrick reported an average market price of $2,474 per ounce for gold and $4.18 per pound for copper. While costs are expected to rise slightly, by 1% to 3% an ounce for gold and 5% to 7% per pound for copper, the company believes that operational improvements will support better results in the fourth quarter.
Barrick is confident that it will deliver upon its production guidance for full year 2024 at 3.9 - 4.3 million ounces of gold and 180 000 - 210 000 tons of copper.
Theodor Lisovoy, Managing Editor, Rough&Polished
