Canada-headquartered Barrick has achieved its 2023 production guidance, producing 4.05-million ounces of gold and 420-million pounds of copper last year.
The 2023 output, however, is a reduction on the 4.14-million ounces of gold and 440-million pounds of copper produced in 2022.
The company’s preliminary fourth-quarter results show sales of 1.04-million ounces of gold and 117-million pounds of copper, as well as preliminary production of 1.05-million ounces of gold and 113-million pounds of copper.
December quarter gold production was an improvement on the third quarter’s and was the highest quarter for the year, with stronger performances from Cortez and Phoenix, in Nevada, as well as from Pueblo Viejo, in Dominican Republic. This was offset by lower production at Loulo-Gounkoto, in Mali.
Fourth-quarter costs are forecast to be higher, with all-in sustaining costs (AISC) expected to be between 8% and 10% higher than the prior quarter.
Preliminary fourth-quarter copper production was in line with the third quarter, with consistent production across all three sites. Compared with the September quarter, fourth-quarter copper cost of sales per pound is expected to be 8% to 10% higher, C1 cash costs per pound are expected to be 5% to 7% higher and AISC per pound is expected to be 2% to 4% lower, principally on the back of lower capitalised waste stripping at Lumwana, in Zambia.
Barrick will release its quarterly and full-year results on February 14.