Barrick Gold Recorded Stronger Gold Output in Q2 This Year

SEATTLE (Scrap Monster): Barrick Gold Corporation announced strong performance in Q2 this year. This keeps the company on track to achieve the earlier announced gold and copper guidance for the full year.

It reported Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper. The preliminary production of gold totalled 1.04 million ounces, whereas that of copper totalled 120 million pounds. The company expects its gold production in 2022 to increase through the year.

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Barrick Gold reported higher gold production in Q2 than Q1, mainly due to stronger performance across its portfolio of mines, especially at Carlin, Turquoise Ridge, Veladero, Bulyanhulu and North Mara. However mine sequencing activities impacted production at Cortez.

When compared with the prior quarter, the gold cost of sales per ounce in Q2 is expected to be higher by 1-3% and the total cash costs per ounce are expected to be higher by 2-4%. Also, the company anticipates the all-in sustaining costs per ounce of gold to be 3-5% higher quarter-on-quarter. The average market price for gold was $1,871 per Oz during the second quarter, the press release noted.

The company’s Q2 realized copper prices are expected to be below the average Q2 market price of copper by at least 13-15%, it added.