Barrick 2023 targets remain on track despite lower Q1 production
Canadian miner Barrick Gold on Thursday reported a quarter-on-quarter drop in production, explaining that harsh winter conditions in northern Nevada, coupled with maintenance at the Goldstrike mine, weighed on its output.
The miner produced 0.95-million ounces of gold and 88-million pounds of copper in the first quarter, compared with 1.12-million ounces of gold and 96-million pounds of copper in the fourth quarter of 2022.
Barrick stated that first-quarter production was lower owing to weaker output at Carlin as a result of yearly roster maintenance and the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process. This was combined with lower grades at Kibali, in the Democratic Republic of Congo, owing to mine sequencing.
Compared with the fourth quarter, gold costs would also increase, and the company cautioned that all-in sustaining costs (ASIC) could be between 9% and 11% higher.
The lower copper production was attributed to weaker output from Lumwana, in Zambia, and Zaldívar, in Chile.
AISC per pound were expected to be 14% to 16% lower, as lower sustaining capital expenditures offset an increase in C1 cash costs per pound.
“Barrick’s gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year.
“We remain on track to achieve our full year gold and copper guidance,” the firm stated.
Barrick is forecasting 4.2-million to 4.6-million ounces of gold at an AISC of $1 170/oz to $1 250/oz.
Its copper guidance is to produce 420-million to 470-million pounds of copper at a C1 cash cost of $2.05/lb to $2.25/lb and an AISC of $2/95/lb to $3.25/lb.
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