Barrick reports lower Q1 gold and copper output
Canada-headquartered Barrick Gold has announced its preliminary figures for the first quarter of 2024, reporting gold output of 940 000 oz and copper output of 40 000 t.
Gold production fell by 12% quarter-on-quarter, which Barrick attributed to planned maintenance activities at its Nevada Gold Mines, in the US, and adjustments in mine sequencing across various sites.
Consequently, first-quarter gold cost of sales per ounce is expected to be 4% to 6% higher, total cash costs per ounce are expected to be 6% to 8% higher, and all-in sustaining costs (AISC) per ounce are expected to be 7% to 9% higher compared with the fourth quarter. However, costs are forecast to decline as production ramps up in subsequent quarters.
Similarly, first-quarter copper production experienced a decline from fourth-quarter levels, primarily owing to lower mined grades at Lumwana, in Zambia, in line with the mine plan.
As a result, first-quarter copper cost of sales per pound is expected to rise by 9% to 11%, C1 cash costs per pound by 10% to 12%, and AISC per pound by 14% to 16% compared with the previous quarter.
Barrick says its production is projected to progressively increase throughout the year, with the Pueblo Viejo plant expansion, in Dominican Republic, set to ramp up from the second quarter and the restart of the Porgera mine, in Papua New Guinea, aligning with the company’s plans.
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