Barrick Gold Sees Higher Gold, Copper Output In Q2

They projected Barrick's gold and copper production to rise in 2023, with the second half outperforming the first six months.

The corporation will meet full-year gold and copper guidance.

In Q2, gold averaged $1,976 per ounce and copper $3.84 per pound.

Provisional pricing changes reflecting the Q2 copper price drop are likely to lower the company's realised copper price by 3% to 5%.

Carlin's restoration to normal throughput after extensive maintenance in the first four months of the year and higher grades at Kibali and Veladero drove Q2 gold production higher than Q1.

According to the company's recent report, mine sequencing reduced Cortez production.

Turquoise Ridge scheduled autoclave maintenance.

Pueblo Viejo, where plant expansion tie-in and commissioning affected productivity.

Compared to Q1, Q2 gold cost of sales per ounce is estimated to be 3% to 5% lower, total cash costs 1% to 3% lower, and all-in-sustaining costs 2% lower.

Lumwana drove Q2 copper production higher than Q1. Q2 copper cost of sales per pound4, C1 cash expenses per pound, and all-in sustaining costs per pound5 are predicted to be lower than Q1.

The second-quarter 2023 results will be disclosed before North American markets open on August 8, 2023.