Gold and copper miner Barrick Gold on Thursday reported higher quarterly earnings, helped by an increase in production and lower costs during the three months ended September.

The Canada-headquartered firm posted adjusted net earnings of $1.13-billion, or $0.24 a share, compared with $832-million, or $0.19 a share.

CEO Mark Bristow described Barrick’s financial performance as strong, noting that operating cash flows grew by 35% to more than $1-billion and that free cash flow was up significantly to $359-million.

The group maintained its quarterly dividend at 10c a share.

Gold production increased from 1-million ounces in the second quarter, to 1.04-million ounces in the third quarter, at an all-in sustaining cost (AISC) of $1 255/oz. Copper output increased from 107-million pounds to 112-million pounds at an AISC of $3.23/lb.

Bristow noted that the third-quarter performance was an improvement on the previous quarter’s and that the fourth quarter would be even better. However, despite the projected second-half improvement, gold production was forecast to be marginally below the low end of the yearly guidance range.

Copper would meet the guidance range for production and costs.

“Mining is a long game and we don’t manage Barrick by the quarter—our projection for a 30% increase in the production of gold-equivalent ounces by the end of this decade remains intact,” Bristow said.

The quarter-on-quarter increase in gold production was driven by improved performances at Cortez and Turquoise Ridge, in the US state of Nevada, and at Kibali, in the Democratic Republic of Congo.

The ramp-up at Pueblo Viejo, in Dominican Republic, was slower than planned, Barrick said, adding that it was engaged with original equipment suppliers to develop permanent solutions for their equipment failures. The 2024 Pueblo Viejo production forecast still exceeds 800 000 oz (100% basis).