Barrick Gold Recorded Higher Gold Output in Q4 2023

SEATTLE (Scrap Monster): Barrick Gold Corporation reported preliminary Q4 and full year 2023 production results.

The company posted higher gold production during Q4 last year. The preliminary Q4 production totalled 1.05 million ounces of gold and 113 million pounds of copper. The results also suggest Q4 sales of 1.04 million ounces of gold and 117 million pounds of copper. The average market prices of gold and copper averaged at $1,971 per ounce and $3.70 per pound during the quarter.

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The Q4 gold production was the highest quarterly production in 2023, mainly driven by robust output from Cortez, Phoenix and Pueblo Viejo. However, Loulo-Gounkoto reported lower production.

The preliminary Q4 copper production was in line with the prior quarter. All the three sites reported consistent production.

Upon comparison with Q3, the Q4 gold cost of sales per ounce is expected to be higher by around 6-8%. Also, copper cost of sales per pound is anticipated to surge higher by approximately 8-10%.

The preliminary gold production for the full year totalled 4.05 million ounces, which is in line with the forecast made along with the Q3 results. The preliminary copper production of 420 million pounds for the entire year too was within the guidance of 420 to 470 million pounds provided earlier.