Barrick on Track to Attain Full Year Gold and Copper Output Guidance

SEATTLE (Scrap Monster): Barrick Gold Corporation reported preliminary Q2 production report.

The company reported preliminary production of 948,000 ounces of gold and 43,000 tonnes of copper during the quarter. Also, it reported preliminary quarterly sales of 956,000 ounces of gold and 42,000 tonnes of copper.

Barrick expects its quarterly gold and copper production in 2024 to to record progressive increase. The second half of the year is expected to deliver better production. The company press release noted that it continues to remain on track to achieve previously announced full year gold and copper output guidance for 2024.

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The preliminary gold production in Q2 this year stands higher than Q1, aided by increased production at Turquoise Ridge, continued successful ramp up at Porgera and significant increases at Tongon, North Mara and Kibali. However, these increases were partially offset by lower planned production at Cortez and Phoenix.

The preliminary Q2 copper production was higher than Q1, mainly driven by higher grades and recoveries at Lumwana. The cost of sales per pound is expected to dip by 6%, when compared with Q1 this year. Furthermore, the costs are expected to drop further in H2 2024 as production ramps up.

Barrick will announce its quarterly results before North American markets open on August 12, 2024.