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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (182190)	10/16/2024 2:12:15 PM
From: LoneClone	Read Replies (1) \| Respond to of 192471

Barrick reports lower-than-expected preliminary gold output in third quarter ca.finance.yahoo.com Reuters Updated Wed, October 16, 2024 at 5:36 a.m. PDT·2 min read GOLD -1.50% (Reuters) -Barrick Gold produced lower-than-expected gold in the third quarter because of a fall in output at its Carlin and Cortez mines in Nevada, the Canadian miner said on Wednesday. Carlin and Cortez mines are a part of Nevada Gold Mines, which is Barrick's joint venture with rival Newmont. Total gold output at Nevada Gold Mines fell to 385,000 ounces in the July-September quarter, compared with 401,000 ounces in the preceding three months. The world's second-largest gold producer, however, expects a "materially stronger fourth quarter". An operational expansion at Carlin mine, completed during a shutdown in the third quarter, would support higher throughput and recoveries in the last quarter of the year, the company said. Barrick's total preliminary output stood at 943,000 ounces of gold in the third quarter, compared with analysts' estimate of 975,000 ounces, according to data compiled by LSEG. The company expects all-in sustaining costs (AISC) for gold, an industry metric used to express total expenses, to rise at least 2% over the previous quarter's $1,498 per ounce. Analysts' estimate was $1,491 for the three months ended Sept. 30. Barrick also reported preliminary copper output of 48,000 tonnes in the third quarter, compared with 43,000 tonnes in the previous three months, driven by higher output at its Lumwana mine in Zambia. The miner is scheduled to release its third-quarter results on Nov. 7. Analysts expect Barrick to post an adjusted profit of 35 cents per share during the period, compared with 24 cents it earned a year earlier, mainly boosted by higher bullion prices. Gold prices jumped 13% in the quarter, their best since early 2020, driven by the U.S. Federal Reserve's interest rate cut and demand for safe haven due to heightened tensions in the Middle East.