Barrick Reports Stronger Q4 Gold Production

By Barrick Gold Corporation

January 17th 2023

Barrick Gold Corporation (NYSE: GOLD)(TSX: ABX) (“Barrick” or the “Company”) today reported preliminary full-year and fourth-quarter 2022 production results. On the back of stronger Q4 production, 13% higher than the previous quarter, preliminary gold production for the full year of 4.14 million ounces was approximately 1% lower than the 4.2 million ounces previously guided, while preliminary copper production of 440 million pounds for 2022 was in line with the guidance range of 420 to 470 million pounds.

The preliminary Q4 results show sales of 1.11 million ounces of gold and 99 million pounds of copper, as well as preliminary Q4 production of 1.12 million ounces of gold and 96 million pounds of copper. The average market price for gold in Q4 was $1,726 per ounce and the average market price for copper in Q4 was $3.63 per pound.

Preliminary Q4 gold production improved from Q3 and was the highest quarter for the year with stronger performances from Cortez, Carlin, and Tongon. This was partially offset by lower production at Pueblo Viejo which finished the year well within guidance. Compared to Q3, Q4 gold cost of sales per ounce is expected to be 4% to 6% higher, total cash costs per ounce³ are expected to be 2% to 4% lower, and all-in sustaining costs per ounce³ are expected to be 1% to 3% lower than the prior quarter.

Preliminary Q4 copper production was lower than Q3, driven by higher waste stripping, lower throughput, and lower grades at Lumwana as per the mine plan and in line with our previous disclosures. Compared to Q3, Q4 copper cost of sales per pound is expected to be 38% to 40% higher, C1 cash costs per pound are expected to be 20% to 22% higher, and all-in-sustaining costs per pound are expected to be 26% to 28% higher. In addition to lower sales from Lumwana due to the lower production described above, Zaldívar also had higher input costs and higher sustaining capital.

Barrick will provide additional discussion and analysis regarding its full-year and Q4 2022 production and sales when the Company reports its quarterly and full-year results before North American markets open on February 15, 2023.

For the full release, click here.