Barrick Projects Significant Production Increase In Q4

Barrick Projects Significant Production Increase In Q4

TORONTO – Barrick Gold Corporation reported preliminary Q3 sales of 1.03 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. Q3 production was higher than Q2, although lower than previous plans for the quarter, especially at Pueblo Viejo where equipment design deficiencies contributed to the delayed ramp up of the expansion project. Barrick expects a significant increase in fourth quarter production volume.

Preliminary Q3 gold production was higher than Q2 primarily as a result of higher production at Cortez driven by higher oxide production from the Crossroads open pit and Cortez Hills underground. In addition, production was higher at Turquoise Ridge due to planned autoclave maintenance in the previous quarter and at Kibali driven by improved grades. This was offset by lower production at Carlin due to lower grades resulting from an increase in stockpiled ore processed. Compared to Q2, Q3 gold cost of sales per ounce is expected to be 2% to 4% lower, total cash costs per ounce are expected to be 4% to 6% lower and all-in sustaining costs per ounce5 are expected to be up to 6% to 8% lower.

Preliminary Q3 copper production was higher than Q2, driven primarily by Lumwana. Compared to Q2, Q3 copper cost of sales per pound is expected to be 5% to 7% lower, C1 cash costs per pound3 are expected to be 9% to 11% lower, while all-in sustaining costs per pound5 are expected to be 2% to 4% higher, primarily due to an increase in capitalized stripping at Lumwana.