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Barrick Gold reports 3Q18 results

Published by , Assistant Editor
Global Mining Review,

On 24 October 2018, Barrick Gold Corporation (Barrick) reported its 3Q18 results for the three month period ending 30 September 2018. Gold production increased to 1.15 million oz in 3Q18, while cost of sales on a per ounce basis was approximately 4% lower than 2Q18. All-in sustaining costs (AISC) and cash costs were down by approximately 8% and 3% respectively over the same period.

For 3Q18, the company recorded an operating cash flow of US$706 million and free cash flow of US$319 million; this was significantly higher than the figures for 2Q18, driven by higher production and lower costs.

Copper production and costs also improved in 3Q18, as expected. The company remains on track to meet its full-year gold and copper production guidance.

During 3Q18, Barrick and Randgold Resources Ltd. (Randgold) announced a transformational all-share merger that will create an industry-leading gold company powered by a common vision of long-term value creation. The combined company will have the largest portfolio of tier one gold assets in the industry, including five of the world’s top 10 tier one gold mines, and two potential tier one mines under development. With John Thornton as Executive Chairman, and Mark Bristow as President and CEO, the combined company will be led by a proven management team of owners with a successful track record in both complex and established jurisdictions. Superior operating metrics, including the highest adjusted EBITDA margin and the lowest total cash cost position among senior gold peers, will support sustainable investment in growth and shareholder returns.

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Canadian mining news