Barrick set to achieve 2021 production targets
Published by Jessica Casey,
Global Mining Review,
Barrick Gold Corp. has reported preliminary 3Q21 sales of 1.07 million oz of gold (Au) and 101 million lbs of copper (Cu), as well as preliminary 3Q production of 1.09 million oz Au and 100 million lbs Cu. It remains on track to achieve 2021 guidance, with both the Africa and Middle East and Latin America and Asia Pacific regions continuing to trend to the higher end of their regional gold guidance and North America at the lower end.
As previously guided, Barrick’s 4Q21 gold production is expected to be the strongest of 2021 following the repair of the mill at Carlin’s Goldstrike roaster late in 3Q21. Consequently, for Nevada Gold Mines (NGM), both Carlin and Cortez are expected to be at the low end of their annual guidance ranges, whereas Phoenix and Long Canyon are expected to be at the top end of their guidance ranges.
Furthermore, production at Turquoise Ridge is expected to be below its annual guidance range, although full year production is still expected to be higher than the prior year. Production at Hemlo is also expected to be below its annual guidance range following a slower ramp-up of underground development due to COVID-19 movement restrictions.
The average market price for gold in 3Q21 was US$1790/oz, while the average market price for copper in 3Q21 was US$4.25/lb. The company’s 3Q21 realised copper price is expected to be 5 – 7% below the average 3Q21 market price for copper, primarily as a result of provisional pricing adjustments that reflect the downward trend in copper prices during the quarter.
Preliminary 3Q21 gold production was higher than 2Q21, with improved performance at NGM following planned maintenance shutdowns in the previous quarter, the continuing ramp-up of operations at Bulyanhulu and improved performance at Veladero following the commissioning of the Phase 6 leach pad expansion in 2Q21. 3Q21 gold cost of sales per ounce and total cash costs per ounce are both expected to be flat to 2% higher and all-in sustaining costs per ounce are expected to be 4 – 6% lower than 2Q21.
Preliminary 3Q21 copper production was higher than 2Q21, and 4Q21 is expected to be the strongest quarter of the year, mainly driven by higher grades from Lumwana. 3Q21 copper cost of sales per pound is expected to be 5 to 7% higher, C1 cash costs per pound are expected to be flat to 2% higher and copper all-in sustaining costs per pound are expected to be 4 – 6% lower than 2Q21.
Barrick will provide additional discussion and analysis regarding 3Q21 production and sales when the xompany reports its quarterly results before North American markets open on 4 November 2021.
Read the article online at: https://www.globalminingreview.com/mining/15102021/barrick-set-to-achieve-2021-production-targets/
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