Barrick Gold Posted Strong Start to FY2022

SEATTLE (Scrap Monster): Barrick Gold Corporation announced decent start to FY2022. The preliminary Q1 results indicate that the company is on track to achieve its gold and copper production targets set for the whole year.

Barrick Gold reported preliminary Q1 production of 1 million ounces of gold and 101 million pounds of copper. The company reported preliminary Q1 sales of 1 million ounces and 113 million pounds of copper. As previously guided by the company, the gold production is expected to increase through the year. Also, copper output is expected to be higher during the second half of the year.

ALSO READ:

Barrick Gold Decides to Sell its Stake in Skeena Resources

Barrick Gold Goes Ahead with Expansion Project at Pueblo Viejo Gold Mine

The Q1 gold ounces sold are almost 20% lower than the prior quarter. As a result, the Q1 gold cost of sales per ounce is expected to be higher by 10-12%, total cash costs per ounce by 15-17% and all-in sustaining costs per ounce by 19-21%. Meantime, the company expects Q1 copper cost of sales per pound to be in line with the prior quarter. Also, the copper all-in sustaining costs per pound are expected to be lower by 1-3% than Q4 2021.

The market price for gold averages at $1,877 per ounce in Q1, while the average market price per pound for copper stood at $4.53.

Barrick Gold will announce its Q1 results before North American markets open on May 4, 2022.