Barrick Gold (ABX-T) Higher Q2 Production Puts On Track to Deliver 2024 Targets
July 16, '24 - NR
Barrick Gold today reported preliminary Q2 production of 948 thousand ounces of gold and 43 thousand tonnes of copper, as well as preliminary Q2 sales of 956 thousand ounces of gold and 42 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year with a higher weighting in the second half. The Company remains on track to achieve our full year gold and copper guidance.
The average market price for gold in Q2 was $2,338 per ounce while the average market price for copper in Q2 was $4.42 per pound.
Preliminary Q2 gold production was higher than Q1, as a result of increased production at Turquoise Ridge, following the completed maintenance at the Sage autoclave in Q1, continued successful ramp up at Porgera and significant increases at Tongon, North Mara and Kibali. These increases were partially offset by planned lower production at Cortez and Phoenix. Pueblo Viejo production was flat sequentially as throughput is ramped up with a shift to recovery rate optimization in H2 2024. Compared to Q1, Q2 gold cost of sales per ounce1 and total cash costs per ounce2 are both expected to be 0 to 2% higher. Absent the increase in the gold price in Q2, and consequential increase in royalties, total cash costs per ounce2 would have been lower compared to Q1. All-in sustaining costs per ounce2 are expected to be 1 to 3% higher. Costs are expected to drop in the second half of the year as production ramps up.
Preliminary Q2 copper production was higher than Q1, driven primarily by higher grades and recoveries at Lumwana following the ramp up in stripping activities in Q1 as well as the planned shutdown in Q1. Compared to Q1 2024, Q2 copper cost of sales per pound1 is expected to be 4 to 6% lower, C1 cash costs per pound2 are expected to be 8 to 10% lower, while all-in sustaining costs per pound2 are expected to be 1 to 3% higher primarily due to increased waste stripping at Lumwana. Costs are expected to drop in the second half of the year as production ramps up.
Barrick will provide additional discussion and analysis regarding its second quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on August 12, 2024.
The following table includes preliminary gold and copper production and sales results from Barrick's operations:
| | Three months ended
June 30, 2024 | Six months ended
June 30, 2024 | | | Production | Sales | Production | Sales | | Gold (attributable ounces (000)) | | | | Carlin (61.5%) | 202 | 202 | 407 | 409 | | Cortez (61.5%) | 102 | 101 | 221 | 222 | | Turquoise Ridge (61.5%) | 72 | 70 | 134 | 132 | | Phoenix (61.5%) | 25 | 27 | 59 | 61 | | Nevada Gold Mines (61.5%) | 401 | 400 | 821 | 824 | | Loulo-Gounkoto (80%) | 137 | 137 | 278 | 277 | | Kibali (45%) | 82 | 81 | 158 | 153 | | Pueblo Viejo (60%) | 80 | 79 | 161 | 161 | | Veladero (50%) | 56 | 68 | 113 | 101 | | North Mara (84%) | 54 | 50 | 100 | 96 | | Bulyanhulu (84%) | 45 | 44 | 87 | 84 | | Tongon (89.7%) | 45 | 46 | 81 | 81 | | Hemlo | 37 | 39 | 74 | 77 | | Porgera (24.5%) | 11 | 12 | 15 | 12 | | Total Gold | 948 | 956 | 1,888 | 1,866 | | | | | | | | | | | | | | Copper (attributable tonnes (000)) | | | | Lumwana | 25 | 25 | 47 | 47 | | Zaldívar (50%) | 10 | 9 | 19 | 18 | | Jabal Sayid (50%) | 8 | 8 | 17 | 16 | | Total Copper | 43 | 42 | 83 | 81 | | | | | | |
Second Quarter 2024 Results
Barrick will release its Q2 2024 results before market open on August 12, 2024. President and CEO Mark Bristow will host a live presentation of the results that day at 11:00 EDT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free) 1 844 763 8274
UK (toll) +44 20 3795 9972
International (toll) +1 647 484 8814
The Q2 2024 presentation materials will be available on Barrick’s website at www.barrick.com.
The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 412 317 0088 (international toll), access code 0796#.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
barrick@dpapr.com
Website: www.barrick.com |
