Barrick Gold Anticipates Significant Output Boost in Q2 2023

SEATTLE (Scrap Monster): Barrick Gold reported results for the first quarter of the year. The company is seen hunting new opportunities to boost production, so as to meet the previously announced guidance for 2023.

Though the production stood lower than Q4 2022, it was on plan, said Mark Bristow, President and CEO, Barrick Gold Corporation. The company reported net earnings of $0.07 per share and adjusted earnings of $0.14 per share. It declared a quarterly dividend of $0.10 per share.

ALSO READ:

Barrick Gold Replaced the Mined Gold Reserves Last Year

Barrick Gold Announced Operations Restart at Porgera Gold Mine

Barrick Gold anticipates significant production boost in the second half of 2023, mainly driven by completion of processing plant maintenance at Nevada Gold Mines, the conversion project at the Goldstrike autoclave, anticipated improved performance from Turquoise Ridge and steady ramp-up of throughput at Pueblo Viejo’s expanded plant. It must be noted that the construction of Pueblo Viejo’s expanded process plant was 93% complete at the end of Q1, with full ramp-up expected by July this year.

The development of the Reko Diq project in Pakistan is advancing steadily and is expected to go into production by 2028.

During Q1, the company opened up new frontiers and secured multiple interesting prospects in Canada, the USA, Peru, the Dominican Republic, Saudi Arabia and Tanzania, noted Bristow.