Saturday, October 26, 2024

Barrick Gold Reports Lower Preliminary Gold Output for 2023

Toronto, [Current Date] – Barrick Gold Corp, a prominent Canadian mining entity, has disclosed a decline in its full-year preliminary gold production for 2023, marking a deviation from the previous year’s figures, despite a sequential uptick in output during the fourth quarter.

The second-largest gold miner globally attributed the decrease in its 2023 gold production to challenges encountered at its Dominican Republic mine, coupled with reduced output at two locations within the Nevada Gold Fields project. In November, Barrick had already signaled an anticipated decrease in its 2023 gold production due to equipment issues.

Preliminary figures reveal a 2.17% decline in Barrick’s 2023 gold output, amounting to 4.05 million ounces compared to the previous year. This figure fell below both the company’s initial forecast and analysts’ average estimate of 4.16 million ounces, as reported by LSEG data.

Copper production also witnessed a dip, falling by 4.76% to 420 million pounds, below analysts’ earlier estimates of 433 million pounds.

This announcement had a tangible impact on Barrick Gold’s market performance, with shares in the Toronto-based company experiencing a decline of nearly 4.1% to C$22.67. Simultaneously, US-listed shares recorded a 4.7% drop, reaching $16.82, while the price of gold experienced a decrease of 0.8% around 10:00 a.m. ET.

Despite the overall annual decline, Barrick reported a positive uptick in its fourth-quarter output. Gold production during this period rose to 1.05 million ounces, along with 113 million pounds of copper, surpassing the previous quarter’s figures of 1.04 million ounces of gold and 112 million pounds of copper.

Looking ahead, Barrick Gold anticipates an increase in all-in sustaining costs (AISC) per ounce of gold, an industry metric encompassing total expenses. The projected rise is expected to be in the range of 8% to 10%. In contrast, copper’s AISC is anticipated to be 2% to 4% lower compared to the previous quarter.

Barrick Gold is scheduled to unveil its complete fourth-quarter results on February 14, providing a comprehensive insight into the company’s financial performance and future strategies. Stakeholders will keenly await these results for a more nuanced understanding of Barrick’s position in the dynamic global mining landscape.

Alice
Alice
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