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 |
| ZaldÃvar (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"
Lode Gold Closes $1.51 Million Upsized Private Placement
Lode Gold Resources Inc. (TSX-V: LOD) (OTCQB: LODFF) is pleased t... READ MORE
September 6, 2025
Pacific Ridge Closes First Tranche of Brokered Private Placement for Gross Proceeds of C$2.7 Million
Pacific Ridge Exploration Ltd. (TSX-V: PEX) (OTCQB: PEXZF) (FSE: ... READ MORE
September 6, 2025
Purepoint Uranium Closes Final Tranche of $6 Million Private Placement
Purepoint Uranium Group Inc. (TSX-V: PTU) (OTCQB: PTUUF) announce... READ MORE
September 6, 2025
New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer
New Found Gold Corp. (TSX-V: NFG) (NYSE American: NFGC) and Marit... READ MORE
September 5, 2025
ELEMENTAL ALTUS AND EMX TO MERGE TO CREATE NEW MID-TIER GOLD FOCUSED ROYALTY COMPANY ELEMENTAL ROYALTY CORP.
Elemental Altus Royalties Corp. (TSX-V: ELE) (OTCQX: ELEMF) and E... READ MORE
September 5, 2025
