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Barrick Gold announces preliminary production results

Published by
Global Mining Review,


Barrick Gold Corp. has announced preliminary full year and 4Q21 production results, which demonstrate that despite the ongoing challenges posed by the COVID-19 pandemic, it has met its annual guidance targets for the third consecutive year. Preliminary gold production for the full year of 4.44 million oz was within the 4.4 – 4.7 million oz guidance range, with both the Africa and Middle East and Latin America and Asia Pacific regions finishing the year at the higher end of their regional gold guidance range. Preliminary copper production of 415 million lbs for 2021 was also within the guidance range of 410 – 460 million lbs.

The preliminary 4Q21 results show sales for the quarter of 1.23 million oz of gold (Au) and 113 million lbs of copper (Cu), as well as preliminary 4Q21 production of 1.20 million oz Au and 126 million lbs Cu. The average market price for gold in 4Q21 was US$1795/oz, while the average market price for copper was US$4.40/lb.

Preliminary 4Q21 gold production was higher than 3Q21, mainly due to the strong performance from Carlin and Cortez following the repair of the Goldstrike roaster completed at the end of 3Q21, which allowed for increased processing of material mined from both sites. Preliminary 4Q21 gold sales were higher than 3Q21 as Veladero sold a portion of its built-up gold inventory. 4Q21 gold cost of sales per ounce is expected to be 3 – 5% lower than 3Q21, total cash costs per ounce are expected to be 1 - 3% lower than the prior quarter, and gold all-in sustaining costs per ounce are expected to be 4 – 6% lower than in 3Q21.

Preliminary 4Q21 copper production was higher than 3Q21, primarily due to increased throughput levels at Lumwana. Preliminary 4Q21 copper sales were lower than production, mainly due to the timing of shipments at Lumwana. 4Q21 copper cost of sales per pound is expected to be 13 – 15% lower and 4Q21 copper C1 cash costs per pound are expected to be 11 – 13% lower, while copper AISC per pound are expected to be 11 – 13% higher than 3Q21 due to higher capital expenditures at Lumwana, primarily related to new mining equipment and stripping.

Barrick will provide additional discussion and analysis regarding its full year and 4Q21 production and sales when the company reports its quarterly and full year 2021 results before North American markets open on 16 February 2022.

Read the article online at: https://www.globalminingreview.com/mining/21012022/barrick-gold-announces-preliminary-production-results/

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Copper mining news Gold mining news South American mining news