Barrick Forecasts 2023 Gold Output to Slip Below the Lower End of Guidance

SEATTLE (Scrap Monster): Barrick Gold Corporation announced results for the third quarter of the current year.

The Q3 results by the company suggested improved production at comparatively lower costs. While copper is on track to meet its 2023 production and cost guidance, gold production for the year is likely to be marginally down from the lower end of the annual guidance. The net earnings per share surged higher by 24%, while the adjusted net earnings per share was up by 26% for the quarter.

According to company press release, the Q3 gold production stood higher than Q2, primarily driven by boosted performances at Cortez, Turquoise Ridge and Kibali. Although the production forecast for Pueblo Viejo for 2024 is still in excess of 800,000 ounces, the company noted that the ramp up is much slower than planned.

Mark Bristow, President and Chief Executive Officer, Barrick stated that the Q3 performance by the company recorded marked improvement over the prior quarter. It expects the Q4 performance to be even better. The company is committed to boost its production of gold-equivalent ounces by 30% by the end of the decade, he added.

Barrick noted that Lumwana feasibility study is on track for completion by end 2024. Reko Diq feasibility study update on track for completion by end of next year. Also, Veladero Phase 7B leach pad expansion is scheduled for completion in 2024