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(Kitco News) - Barrick Gold (NYSE: GOLD) (TSX: ABX), the world's second largest gold miner, announced today that the company produced 0.95 million ounces of gold and 88 million pounds of copper in Q1 2023.
For comparison, Barrick produced 0.99 million ounces of gold and 101 million pounds of copper in Q1 2022 and 1.12 million ounces of gold and 96 million pounds of copper in Q4 2022.
The company said that Q1 2023 production was in line with plan after planned maintenance at Nevada Gold Mines and start of plant commissioning at Pueblo Viejo.
According to a press release, Barrick's Q1 2023 gold production was lower than Q4 2022 primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing.
The company reported Q1 2023 total cash costs of $986 per ounce of gold (Q4 2022: $868 per ounce; Q1 2022: $832 per ounce) and all-in sustaining costs (AISC) of $1,370 per ounce of gold (Q4 2022: $1,242 per ounce; Q1 2022: $1,164 per ounce).
Barrick explained that the higher total cash costs per ounce reflect the lower ounces produced and sold relative to the prior quarter, while the increase in all-in sustaining costs per ounce was also driven by lower sales volumes partially offset by lower sustaining capital expenditures.
The company added that its Q1 2023 copper production was lower than Q4 2022, driven by lower production at Lumwana and Zaldívar, as expected.
Barrick noted that its Q1 2023 free cash flow of $88 million increased compared to Q4 2022 despite a lower production quarter. The company reported net earnings of $120 million ($0.07 per share) and adjusted net earnings of $247 million ($0.14 per share) in Q1 2023.
Barrick also announced the declaration of a dividend of $0.10 per share for the first quarter of 2023.
As previously guided, Barrick's gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year.
“The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo's expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance" the company said in a statement.
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| Equinox reports net income of $17.4M in Q1; says gold production up 5% y-o-y to 123 koz |
