Proactive Investors - Barrick Gold (NYSE:GOLD) Corp. (TSX:ABX, NYSE:GOLD) on Thursday announced third-quarter 2023 adjusted earnings per share (EPS) of US$0.24, surpassing the analyst consensus forecast of US$0.20 according to data provided by LSEG, as the company benefited from lower costs, increased production, and higher gold prices.
Its revenue for the period of US$2.862 billion, however, missed expectations of US$2.949 billion.
"Mining is a long game and we don’t manage Barrick by the quarter—our projection for a 30% increase in the production of gold-equivalent ounces by the end of this decade remains intact,” Barrick Gold CEO Mark Bristow said.
The gold and copper mining giant noted its 3Q gold production improved to 1.04 million ounces from 988,000 ounces a year earlier, boosted by higher output at its Cortez and Turquoise Ridge mines in Nevada and the Kibali mine in the Democratic Republic of Congo.
Its copper production for the quarter, meanwhile, came in at 112 million pounds, down from 123 million pounds a year ago.
Barrick benefited from a gold price that rose 11.4% year over year, realizing an average gold price of US$1,928 per ounce during the quarter.
The company also saw its all-in-sustaining costs (AISC) for gold for the period fall to US$1,255 per ounce from US $1,355 in the previous quarter.
As well, Barrick stated that its 4Q results are expected to be better than 3Q even as gold production for the year would be marginally below the low end of guidance between 4.2 ounces to 4.6 million ounces.
The company added that it is on track to meet its guidance for copper production and costs.
Shares of Barrick eased nearly 1% to C$22.04 in midday trading on Thursday and have fallen 10% year to date.