(Kitco News) - Barrick Gold (NYSE: GOLD) (TSX: ABX) announced Thursday that the company produced 988 koz of gold in Q3 2022, which is a decline of 10% compared to Q3 2021 (1,092 koz) and 5% lower than 1,043 koz produced in Q2 2022.
The company said that preliminary Q3 2022 gold production was lower than Q2 2022 as a strong performance from Pueblo Viejo was offset by lower production at Veladero, Carlin and Turquoise Ridge. In addition, production at Long Canyon was lower than Q2 2022 following the completion of Phase 1 mining in May 2022.
Barrick added that compared to Q2 2022, Q3 2022 gold cost of sales per ounce is expected to be in line with the prior quarter, while total cash costs per ounce and all-in sustaining costs per ounce are both expected to be 3% to 5% higher.
The company also reported it produced 123 million pounds of copper in Q3 2022, which is an increase of 23% compared to Q3 2021 (100 million pounds) and 3% higher than 120 million pounds produced in Q2 2022.
The company explained that preliminary Q3 2022 copper production was higher than Q2 2022 mainly due to strong performance from Lumwana.
Compared to Q2 2022, Q3 2022 copper cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound are all expected to be 8 to 10% higher, mainly due to slightly lower grade and a higher strip ratio at Lumwana, as well as higher input costs at Zaldívar, it noted.
Importantly, Barrick said it remains on track to achieve its 2022 production guidance, with gold expected to be at the low end of the range and copper expected to be at the midpoint.
