Barrick’s preliminary gold output for Q3 2024 falls short of expectations

Barrick Gold Corporation’s gold production missed expectations in the third quarter due to a fall in output at its Carlin and Cortez mines in Nevada, the Canadian miner said on Wednesday. 

Barrick’s total preliminary gold output was 943,000 ounces in the third quarter ended September, compared with analysts' estimate of 975,000 ounces, Reuters said in a report, quoting data compiled by LSEG. 

Barrick also produced about 48,000 tons of copper during July-September, it said. The second-largest gold producer in the world sold 967,000 ounces of gold and 42,000 tons of copper during the third quarter. 

Barrick expects stronger fourth-quarter

Barrick said it expects a materially stronger fourth quarter to deliver 2024 production within the range of its full-year gold and copper guidance. 

The company said: 

Carlin and Cortez mines are a part of Nevada Gold Mines, which is Barrick's joint venture with U.S.-based rival Newmont, according to a Reuters report. 

Compared to April-June, in the third quarter, gold cost of sales per ounce is expected to be 1% to 3% higher, Barrick said. 

Total cash costs per ounce are expected to be 3% to 5% higher and all-in-sustaining costs per ounce are expected to be 0% to 2% higher, in part reflecting higher royalties from the higher gold price received. 

Copper production rises in the third quarter

Copper production in July-September was higher compared with the previous quarter. 

The increase was driven primarily by higher grades and recoveries at the Lumwana mine, following improved ore access driven by the ramp-up in stripping activities in Q2. 

The company expects further improvements in the fourth quarter. 

Barrick will provide additional discussion and analysis regarding its third quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on November 7. 

Gold production and sales by mines

Gold production from the Carlin mine during July-September was 182,000 ounces, while sales were at 183,000 ounces. 

In the nine months ended September, gold production from the Carlin mine was 589,000 ounces, and sales were 592,000 ounces. 

In the Cortez mine, gold production was 98,000 ounces during the third quarter and sales were 99,000 ounces. 

During January-September, Cortez mine produced about 319,000 ounces of gold and sold 321,000 ounces of the yellow metal. 

In the third quarter, gold production from Turquoise Ridge was 76,000 ounces and sales were 77,000 ounces, the company said in the release.