Barrick Gold Corporation today reported preliminary Q3 sales of 1.00 million ounces of gold and 120 million pounds of copper, as well as preliminary Q3 production of 0.99 million ounces of gold and 123 million pounds of copper. Access to high grade ore that was previously expected in late Q3 at Nevada Gold Mines is now scheduled for Q4, which should drive a strong finish to the year. Barrick remains on track to achieve 2022 production guidance1, with gold expected to be at the low end of the range and copper expected to be at the midpoint.
The average market price for gold in Q3 was $1,729 per ounce and the closing price at the end of the quarter was $1,672 per ounce. The average market price for copper in Q3 was $3.51 per pound. The Company’s third quarter realized copper price2 is expected to be 7 to 9% below the third quarter average market price for copper, primarily as a result of provisional pricing adjustments3 that reflect the decrease in the copper price near the end of Q3.
Preliminary Q3 gold production was lower than Q2 as a strong performance from Pueblo Viejo was offset by lower production at Veladero, Carlin and Turquoise Ridge. In addition, production at Long Canyon was lower than Q2 following the completion of Phase 1 mining in May 2022, as previously disclosed. Compared to Q2, Q3 gold cost of sales per ounce4 is expected to be in line with the prior quarter, while total cash costs per ounce5 and all-in sustaining costs per ounce5 are both expected to be 3% to 5% higher.
Preliminary Q3 copper production was higher than Q2, driven by strong performance from Lumwana. Compared to Q2, Q3 copper cost of sales per pound4, C1 cash costs per pound5 and all-in sustaining costs per pound5 are all expected to be 8 to 10% higher, mainly due to slightly lower grade and a higher strip ratio at Lumwana, as well as higher input costs at Zaldívar.
Barrick will provide additional discussion and analysis regarding its third quarter 2022 production and sales when the Company reports its quarterly results before North American markets open on November 3, 2022.
The following table includes preliminary gold and copper production and sales results from Barrick’s operations:
Three months ended Nine months ended September 30, 2022 September 30, 2022 Production Sales Production Sales Gold (attributable ounces (000)) Carlin (61.5%) 229 226 701 702 Cortez (61.5%) 98 99 310 312 Turquoise Ridge (61.5%) 62 64 204 204 Long Canyon (61.5%) 6 6 52 52 Phoenix (61.5%) 30 29 79 75 Nevada Gold Mines (61.5%) 425 424 1,346 1,345 Loulo-Gounkoto (80%) 130 129 408 407 Pueblo Viejo (60%) 121 124 330 330 Kibali (45%) 83 88 240 238 North Mara (84%) 71 70 193 195 Bulyanhulu (84%) 48 50 147 156 Veladero (50%) 41 44 145 146 Tongon (89.7%) 41 41 117 119 Hemlo 28 27 95 94 Total Gold 988 997 3,021 3,030 Copper (attributable pounds (millions)) Lumwana 82 79 214 220 Zaldívar (50%) 23 24 73 74 Jabal Sayid (50%) 18 17 57 52 Total Copper 123 120 344 346
Third Quarter 2022 Results
Barrick will release its Q3 2022 results before market open on November 3, 2022. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK, at 11:00 EDT / 15:00 GMT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
International (toll) +1 416 915 3239
The Q3 2022 presentation materials will be available on Barrick’s website at www.barrick.com.
The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (international toll), access code 9047.
