Barrick's third-quarter profit falls sharply
Canada-headquartered Barrick Gold on Thursday reported a sharp drop in third-quarter earnings, on the back of lower production and higher costs.
The miner posted adjusted net earnings of $224-million in the September quarter, compared with $419-million in the previous and corresponding quarters. Adjusted net earnings a share fell to $0.13 a share, from $0.24 a share.
The decrease was primarily owing to lower realised gold and copper prices, lower gold sales volume and higher gold cost of sales per ounce.
Barrick’s quarterly production fell to 988 000 oz, from 1.09-million ounces in the same quarter last year, while all-in sustaining costs (AISC) rose to $1 269/oz, from $1 034/oz a year earlier.
Copper output increased to 123-million pounds, from 100-million pounds in the September 2021 quarter.
CEO Mark Bristow said in a statement that Barrick remained on track to achieve its 2022 production guidance, despite some “short-term operational challenges and rising input costs”.
Barrick’s attributable production guidance for the year is 4.2-million to 4.6-million ounces at an AISC of $1 040/oz to $1 120/oz, and its copper guidance is 420-million to 470-million pounds at an AISC of 2.70/lb to $3/lb.
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