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(Kitco News) - Barrick Gold (NYSE: GOLD) (TSX: ABX) announced Thursday that the company produced 1,009 koz of gold in Q2 2023, which is a decline of 3% compared to Q2 2022 (1,043 koz) and an increase of 6% compared to 952 koz produced in Q1 2023.
The company said its Q2 2023 gold production was higher than Q1 2023, primarily as a result of higher production at Carlin, driven by a return to normal throughput levels following significant maintenance undertaken in the first four months of the year, as well as higher grades at both Kibali and Veladero.
Barrick added that compared to Q1 2023, its Q2 2023 gold cost of sales per ounce is expected to be 3% to 5% lower, total cash costs per ounce are expected to be 1% to 3% lower, and all-in sustaining costs per ounce are expected to be up to 2% lower.
The company also reported it produced 107 million pounds of copper in Q2 2023, which is a decrease of 11% compared to Q2 2022 (120 million pounds) and an increase of 22% compared to 88 million pounds produced in Q1 2023.
Barrick explained that preliminary Q2 2023 copper production was higher than Q1 2023 mainly due to strong performance from Lumwana.
The company noted that compared to Q1 2023, its Q2 2023 copper cost of sales per pound is expected to be 11% to 13% lower, C1 cash costs per pound are expected to be 15% to 17% lower, and all-in sustaining costs per pound are expected to be 7% to 9% lower.
Importantly, Barrick said that its gold and copper production in 2023 is expected to increase through the year with the second half being higher than the first six months of 2023, adding that the company remains on track to achieve full year gold and copper guidance.
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