Barrick Gold has released third quarter (Q3) production results ahead of its official Q3 production and sales results, reporting sales of 1.03 million ounces of gold and 112 million pounds of copper.
Production for Q3 was higher than that of Q2, but was lower than previous plans for the quarter.
Higher production at Barrick’s Cortez gold mine in Nevada was driven by higher oxide production from the Crossroads open put and Cortez Hills underground.
Production was also higher at Turquoise Ridge, also in Nevanda, as a result of planned autoclave maintenance completed in Q2.
Lower production was seen at the Carlin gold mine, a result of lower grades, resulting from an increase in stockpiled ore processed.
“We continue to expect a significant increase in fourth quarter production volume,” Barrick said.
“Compared to Q2, Q3 gold cost of sales per ounce is expected to be two to four per cent lower, total cash costs per ounce are expected to be four to six per cent lower and all-in sustaining costs per ounce are expected to be up to six to eight per cent lower.”
Barrick is currently expanding its copper business through mergers and acquisitions, projecting a 30 per cent increase in production on the back of the growth options embedded in its asset portfolio.
