Canada-headquartered Barrick Gold produced one-million ounces of gold and 101-million pounds of copper in the first quarter of the year, in line with its previously announced guidance, but below its performance in the fourth quarter of 2021.
The miner stated on Thursday that gold production, which was down 17% on the 1.2-million ounces produced in the preceding quarter, would increase through the year, while copper production would be higher in the second half of the year.
Barrick explained that its first-quarter output had been hit by lower quarterly production at Carlin and Cortez, in Nevada, following the depletion of stockpiled higher grade underground ore processed in the fourth quarter of 2021 after the mechanical mill failure at the Goldstrike roaster in the second quarter. Its Kibali mine, in the Democratic Republic of Congo, and Turquoise Ridge, in Nevada, also reported lower output owing to planned maintenance, while at Tongon, in Côte d’Ivoire, production was lower as a result of mine sequencing.
Nevertheless, Barrick affirmed that it remained on track to achieve its full year gold and copper guidance.
The miner reported preliminary first-quarter sales of one-million ounces of gold and 113-million pounds of copper, at an average gold market price of $1 877/oz and an average copper price of $4.53/lb.
First -quarter gold ounces sold are 20% lower than the previous quarter, as such, cost of sales per ounce is expected to be 10% to 12% higher, total cash costs per ounce are expected to be 15% to 17% higher and all-in sustaining costs per ounce are expected to be 19% to 21% higher than in the fourth quarter.