Barrick Gold has reported a successful 2023, with gold production consistent with its forecast.
Gold production was higher in the fourth quarter (Q4), leading to a production amount of 4.05 million ounces for the full year, while copper production also remained within guidance at 420 million pounds.
“Preliminary Q4 gold production was an improvement on Q3 and was the highest quarter for the year with stronger performances from Cortez (and) Phoenix (both in the US) and Pueblo Viejo (in the Dominican Republic),” Barrick Gold said in an announcement.
“This was partially offset by lower production at Loulo-Gounkoto (in Mali), as planned, which still finished the year at the top end of the guidance range.”
Gold cost of sales per ounce in Q4 is expected to be six to eight per cent higher than Q3, while copper sales could hit up to 10 per cent growth.
Perhaps the biggest highlight of Barrick’s Q4 was the reopening of the historic Porgera gold mine in December 2023.
“It’s been a long journey but in the process we have secured the buy-in of all the stakeholders and we look forward to steering the mine back to world-class production,” Barrick president and chief executive Mark Bristow said at the time.
“It undoubtedly has the potential to join our Tier 1 gold mine portfolio, the largest of its kind in the industry.”
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