Barrick reports lower gold and copper production in Q1, says on track to achieve 2023 targets Barrick
- Barrick Gold , the world’s second largest gold miner, announced today that the company produced 0.95 million ounces of gold and 88 million pounds of copper in Q1 2023.
The company said that, as previously guided, preliminary Q1 gold production was lower than Q4 2022 primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing.
Barrick explained that the higher total cash costs per ounce reflects the lower ounces produced and sold relative to the prior quarter, while the increase in all-in sustaining costs per ounce was also driven by lower sales volumes partially offset by lower sustaining capital expenditures. “Compared to Q4 2022, Q1 copper cost of sales per pound is expected to be up to 2% higher and C1 cash costs per pound are expected to be 19% to 21% higher, mainly due to lower mining rates as the new fleet at Lumwana continues to ramp up, as well as higher labor costs at Zaldívar,” the company said.
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