Uncategorized
Barrick Reports Higher Q4 Gold Production
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) reported preliminary full year and fourth quarter 2023 production results. On the back of higher Q4 production, preliminary gold production for the full year of 4.05 million ounces was consistent with our forecast as guided in our third quarter release.1 Preliminary copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds.
The preliminary Q4 results show sales of 1.04 million ounces of gold and 117 million pounds of copper, as well as preliminary Q4 production of 1.05 million ounces of gold and 113 million pounds of copper. The average market price for gold in Q4 was $1,971 per ounce and the average market price for copper in Q4 was $3.70 per pound.
Preliminary Q4 gold production was an improvement on Q3 and was the highest quarter for the year with stronger performances from Cortez, Phoenix and Pueblo Viejo. This was partially offset by lower production at Loulo-Gounkoto, as planned, which still finished the year at the top end of the guidance range. Compared to Q3, Q4 gold cost of sales per ounce2 is expected to be 6% to 8% higher, total cash costs per ounce3 are expected to be 7% to 9% higher and all-in sustaining costs per ounce3 are expected to be 8% to 10% higher than the prior quarter.
Preliminary Q4 copper production was in line with Q3, with consistent production across all three sites. Compared to Q3, Q4 copper cost of sales per pound2 is expected to be 8% to 10% higher, C1 cash costs per pound3 are expected to be 5% to 7% higher and all-in sustaining costs per pound3 is expected to be 2% to 4% lower, principally on the back of lower capitalized waste stripping at Lumwana.
Barrick will provide additional discussion and analysis regarding its full year and Q4 2023 production and sales when the Company reports its quarterly and full year results before North American markets open on February 14, 2024.
The following table includes preliminary gold and copper production and sales results from Barrick’s operations:
| Three months ended December 31, 2023 |
Twelve months ended December 31, 2023 |
|||
| Production | Sales | Production | Sales | |
| Gold (attributable ounces (000)) | ||||
| Carlin (61.5%) | 224 | 220 | 868 | 865 |
| Cortez (61.5%) | 162 | 164 | 549 | 548 |
| Turquoise Ridge (61.5%) | 84 | 86 | 316 | 318 |
| Phoenix (61.5%) | 41 | 39 | 123 | 120 |
| Long Canyon (61.5%) | 2 | 2 | 9 | 9 |
| Nevada Gold Mines (61.5%) | 513 | 511 | 1,865 | 1,860 |
| Loulo-Gounkoto (80%) | 127 | 127 | 547 | 546 |
| Kibali (45%) | 93 | 92 | 343 | 343 |
| Pueblo Viejo (60%) | 90 | 89 | 335 | 335 |
| North Mara (84%) | 59 | 61 | 253 | 254 |
| Veladero (50%) | 55 | 46 | 207 | 182 |
| Tongon (89.7%) | 42 | 42 | 183 | 185 |
| Bulyanhulu (84%) | 41 | 41 | 180 | 180 |
| Hemlo | 34 | 33 | 141 | 139 |
| Total Gold | 1,054 | 1,042 | 4,054 | 4,024 |
| Copper (attributable pounds (millions)) | ||||
| Lumwana | 73 | 70 | 260 | 249 |
| Zaldívar (50%) | 23 | 26 | 89 | 92 |
| Jabal Sayid (50%) | 17 | 21 | 71 | 67 |
| Total Copper | 113 | 117 | 420 | 408 |
Posted January 16, 2024
MORE or "UNCATEGORIZED"
Kobo Resources Announces Closing of First Tranche of Non-Brokered Private Placement for Gross Proceeds of over $2.5 Million
Kobo Resources Inc. (TSX-V: KRI) is pleased to announce that it has closed the first tranche ... READ MORE
September 12, 2025
Marimaca Copper Announces Closing of A$80,000,000 Placement
Marimaca Copper Corp. (TSX: MARI) (ASX: MC2) is pleased to announce the closing of the previo... READ MORE
September 12, 2025
Centerra Gold’s Mount Milligan PFS Outlines Mine Life to 2045, Delivering Growth with a Fully Funded, Disciplined $186 Million Growth Capital Plan
Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) is pleased to announce the results of a Pre-Feasibi... READ MORE
September 12, 2025
Plato Gold Announces Results of Drill Program at Lolita Project, Santa Cruz, Argentina
Plato Gold Corp. (TSX-V: PGC) (OTCQB: NIOVF) (FRANKFURT: 4Y7 OR WKN: A0M2QX) an exploration com... READ MORE
September 12, 2025
Soma Gold Corp. Enters into Definitive Agreement to Repurchase Royalty on El Limón Mine
Soma Gold Corp. (TSX-V: SOMA) (WKN: A2P4DU) (OTC: SMAGF) is pleased to announce that it has e... READ MORE
September 12, 2025
