Proactive Investors - Barrick Gold (NYSE:GOLD) Corp (TSX:ABX) told investors it is on track to achieve its full-year 2023 gold and copper guidance despite an expected decline in production in the first quarter.
Barrick reported preliminary 1Q sales of 0.95 million ounces of gold and 89 million pounds of copper, as well as preliminary production of 0.95 million ounces of gold and 88 million pounds of copper for the quarter.
“As previously guided, Barrick’s gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year,” the company said in a statement.
The company noted that the average market price for gold in 1Q was $1,890 per ounce while the average market price for copper was $4.05 per pound.
It attributed the decline in 1Q gold production relative to 4Q 2022 to lower production at the Carlin gold mine, 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.
It also received lower grades at the Kibali gold mine in the Democratic Republic of Congo (DRC) due to mine sequencing.
Preliminary 1Q copper production was lower than in 4Q 2022, driven by lower production at Lumwana in Zambia and Zaldívar in Chile, as expected.
Barrick said it will report its quarterly results before markets open on May 3, 2023.