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Barrick says its preliminary 2022 gold production of 4.14Moz was below guidance

Vladimir Basov

Kitco News

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(Kitco News) - Barrick Gold (NYSE: GOLD) (TSX: ABX) announced Tuesday that its preliminary gold production for the full year of 4.14 million ounces was approximately 1% lower than the 4.2 million ounces previously guided, while preliminary copper production of 440 million pounds for 2022 was in line with the guidance range of 420 to 470 million pounds.

The company said that preliminary Q4 gold production of 1.12 million ounces improved from Q3 and was the highest quarter for the year with stronger performances from Cortez, Carlin and Tongon. This was partially offset by lower production at Pueblo Viejo which finished the year well within guidance.

Barrick added that compared to Q3, Q4 gold cost of sales per ounce is expected to be 4% to 6% higher, total cash costs per ounce are expected to be 2% to 4% lower and all-in sustaining costs per ounce are expected to be 1% to 3% lower than the prior quarter.

The company’s preliminary Q4 copper production of 96 million pounds was lower than Q3, driven by higher waste stripping, lower throughput as well as lower grades at Lumwana as per the mine plan and in line with its previous disclosures.

The company said that compared to Q3, Q4 copper cost of sales per pound is expected to be 38% to 40% higher, C1 cash costs per pound are expected to be 20% to 22% higher and all-in sustaining costs per pound are expected to be 26% to 28% higher.

First Quantum produces 776kt of copper in 2022, down 5% from 2021 and in line with guidance
By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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