Canada-headquartered Barrick Gold has reported higher second-quarter production, with attributable gold output rising to above one-million ounces and copper production to 107-million pounds. The mining company says gold and copper production is expected to increase throughput the year, with the second half being higher than the first six months of 2023. In the first six months of the year, gold production came to 1.96-million ounces and copper production to 195-million pounds.
Barrick remains on track to achieve its full-year guidance of 4.2-million to 4.6-million ounces of gold and 420-million to 470-million pounds of copper. Releasing its preliminary second-quarter production results, Barrick reports that its second-quarter output was higher than the first quarter, owing to an improved performance at Carlin, in Nevada, as well as higher grades at Kibali, in the Democratic Republic of Congo, and Veladero, in Argentina. The Carlin mine has returned to normal throughput levels, following significant maintenance undertaken in the first four months of the year. In Nevada, the Cortez mine reported lower output as a result of sequencing, while Turquoise Ridge output reduced owing to planned autoclave maintenance.
Production was also lower at Pueblo Viejo in the Dominican Republic, owing to tie-in work and commissioning of the plant expansion project. Compared with the first quarter, second quarter gold cost of sales per ounce is expected to be 3% to 5% lower, total cash costs per ounce are expected to be 1% to 3% lower, and all-in sustaining costs (AISC) per ounce are expected to be up to 2% lower. Preliminary second-quarter copper production was higher than the first quarter, driven primarily by Lumwana, in Zambia.
The Lumwana mine produced 67-million pounds of copper. Compared with the first quarter, second quarter copper cost of sales per pound is expected to be 11% to 13% lower, C1 cash costs per pound are expected to be 15% to 17% lower, and AISC per pound are expected to be 7% to 9% lower
