Published: Oct. 12, 2023 at 7:32 a.m. ET
By Robb M. Stewart
Barrick Gold continues to target a significant rise in production volumes in the final quarter of the year after increased gold output at its Cortez operation in Nevada helped drive growth in the third quarter.
The Canadian miner reported preliminary production in the recent quarter of 1.04 million ounces of gold and 112…
By Robb M. Stewart
Barrick Gold continues to target a significant rise in production volumes in the final quarter of the year after increased gold output at its Cortez operation in Nevada helped drive growth in the third quarter.
The Canadian miner reported preliminary production in the recent quarter of 1.04 million ounces of gold and 112 million pounds of copper, up from almost 1.01 million ounces and 107 million pounds in the second quarter.
Third-quarter sales are estimated at 1.03 million ounces of gold and 101 million pounds of copper, and Barrick said average market prices were $1,928 an ounce and $3.79 a pound, respectively. Still, Barrick said production for the quarter was lower than it had planned, especially at Pueblo Viejo in the Dominican Republic where equipment-design deficiencies contributed to the delayed ramp up of an expansion project.
The company said the rise in gold output was primarily thanks to higher production at Cortez, driven by higher oxide production from the Crossroads open pit and Cortez Hills underground operations. Production was also higher at Turquoise Ridge, also part of Barrick’s majority-owned Nevada Gold Mines joint venture with Newmont, due to planned autoclave maintenance in the previous quarter and at its Kibali mine in Congo with improved grades.
The rise in preliminary copper production was driven largely by the Lumwana operation in Zambia’s Copperbelt.
Write to Robb M. Stewart at robb.stewart@wsj.com
Read More:Barrick Preliminary 3Q Gold, Copper Production Rise
2023-10-12 11:32:00