Barrick keeps key projects on track and delivers another quarter of improved production and costs

Barrick’s third-quarter results showed higher production and lower costs, confirming its long-term growth forecast. President and CEO Mark Bristow said third-quarter results improved from the previous quarter and the fourth quarter is expected to be even better.


Although the forecast for the second half of the year has improved, gold production is expected to be slightly below the lower end of our annual forecast range. Copper is on track to meet its production and cost forecasts.

Gold production was higher in the third quarter than in the second quarter, driven by improved performance at Cortez, Turquoise Ridge and Kibali. As previously announced, capacity expansion at Pueblo Viejo is slower than planned. Barrick works with original equipment manufacturers to develop durable solutions for their equipment failures. Pueblo Viejo’s 2024 production forecast remains above 800,000 ounces (100% basis). The company also confirmed that notice of publication of Goldrush’s final environmental impact statement was published on 27 October.

“Mining is a long-term undertaking and we do not manage Barrick on a quarter-by-quarter basis – our forecast for gold equivalent ounce production to grow by 30% by the end of this decade remains valid,” Bristow said.
Barrick’s other key growth projects – the development of the Rekodik copper-gold mine in Pakistan and the expansion of the Lumwana copper mine in Zambia – are progressing steadily. Construction of Reko Diq is scheduled to begin in 2025, with first production scheduled for 2028, and the expansion of Lumwana is planned to follow the same timeline. When fully operational, Reko Diq will be among the top ten copper producers in the world, with the expanded Lumwana mine expected to produce 240,000 tonnes of copper per year.

“Expanding our copper portfolio is one of our strategic priorities and when these two mines come into full production, they will propel Barrick and its unparalleled gold portfolio into the top league of copper producers. “At the same time, we are Using Saudi Arabia’s highly successful Jabal Sayid copper mine as a springboard to discover new opportunities in the Kingdom and around the Red Sea all the way to Egypt, we believe the Arabian-Nubian Shield will create a new opportunity in Egypt. “Significant new mining target,” Bristow said.
Barrick is conducting intensive exploration activities across its global portfolio with the goal of maintaining the company’s unparalleled reserve replacement record and finding the next million ounce discovery. Since its merger with Randgold Resources in 2019, Barrick has replenished 125% of its depleted reserves (excluding divestitures and acquisitions on a gold equivalent basis).

Strong drilling results at the Nevada gold mine support its three-year resource and replacement plan. Brownfield exploration highlights the potential in Africa and the Middle East, and exploration portfolios are expanding in South, Central and North America.

Bristow described Barrick’s financial results for the quarter as strong, noting that operating cash flow increased 35% to more than $1 billion, free cash flow3 increased significantly to $359 million, and net income per share increased significantly 24% to over $1 billion per share. Net income per share was $0.21 (adjusted) 6, up 26% to $0.24 per share. The quarterly dividend remains at 10 cents per share.

“Our strong balance sheet ensures Barrick’s ability to continue investing in new and existing growth projects. These projects are not necessary to maintain our current production profile; these are the things that drive real long-term value,” Bristow said. Great opportunities created and our team has proven that they are more than capable of fully executing on them. “

Leave a Reply

Your email address will not be published. Required fields are marked *