In the third quarter of 2024, the average market price for gold was $2,474 per ounce, while the average market price for copper was $4.18 per pound. This information sets the stage for the performance of Barrick, a leading mining company, during this period.
During this quarter, Barrick’s preliminary gold production remained consistent with the previous quarter, with notable improvements at several key mines. Pueblo Viejo experienced a 23% sequential improvement due to ongoing plant optimization efforts, while North Mara showed a stronger performance driven by higher grades. Carlin completed a roaster expansion at Gold Quarry, which is expected to boost throughput and recoveries in the fourth quarter. Turquoise Ridge also saw improvement, offsetting a planned shutdown at the Sage autoclave. Additionally, Kibali made progress in underground development, providing access to high-grade areas.
In terms of costs, Barrick anticipates a slight increase in gold cost of sales per ounce, total cash costs per ounce, and all-in sustaining costs per ounce compared to the previous quarter. This adjustment reflects higher royalties due to the increase in the gold price.
On the copper side, Barrick reported higher production in the third quarter, driven by improved grades and recoveries at Lumwana. Cost-wise, copper cost of sales per pound is expected to rise, while C1 cash costs per pound are projected to increase, and all-in sustaining costs per pound are forecasted to decrease slightly.
Barrick will provide a comprehensive overview of its third-quarter production and sales in its upcoming quarterly report, scheduled for release on November 7, 2024. The report will provide detailed insights into the company’s performance during this period.
Key Production and Sales Figures:
| Three months ended September 30, 2024 |
Nine months ended September 30, 2024 |
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| Production | Sales | Production | Sales | |
Quarterly Results Webinar:
Barrick will unveil its Q3 2024 results on November 7, 2024. President and CEO Mark Bristow will present the results live in London, UK, followed by an interactive webinar linked to a conference call where participants can engage and ask questions.
Join the webinar
US and Canada (toll-free), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814
For more information about Barrick and its operations, visit the company’s website. The webinar will be available for later viewing on the website, and the conference call will be accessible for replay by telephone.
For Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
barrick@dpapr.com
Website: www.barrick.com
Technical Information:
The scientific and technical information shared in this news release has been reviewed and approved by qualified professionals at Barrick. This ensures the accuracy and reliability of the data presented.