Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) has released preliminary production results for the fourth quarter and full year of 2023. The preliminary gold production for the full year reached 4.05 million ounces, consistent with the guidance outlined in the third-quarter statement. The preliminary copper production of 420 million pounds for 2023 fell within the guidance range of 420 to 470 million pounds.
By Panorama Minero
Preliminary results for the fourth quarter show sales of 1.04 million ounces of gold and 117 million pounds of copper, along with preliminary production in the same period of 1.05 million ounces of gold and 113 million pounds of copper. The average market price for gold in the fourth quarter was $1,971 per ounce, and for copper, it was $3.70 per pound.
Preliminary gold production in the fourth quarter exhibited an improvement compared to the third quarter and was the strongest quarter of the year, driven by strong performances at Cortez, Phoenix, and Pueblo Viejo. This was partially offset by lower production at Loulo-Gounkoto, as expected, which still concluded the year at the upper end of the guidance range. Compared to the third quarter, the cost of sales per ounce of gold in the fourth quarter is expected to be 6% to 8% higher, total cash costs per ounce are expected to be 7% to 9% higher, and total sustaining costs per ounce are expected to be 8% to 10% higher than the previous quarter.
Preliminary copper production in the fourth quarter was in line with the third quarter, with consistent production across its various operations. Compared to the third quarter, the cost of sales per pound of copper in the fourth quarter is expected to be 8% to 10% higher, cash costs per pound are expected to be 5% to 7% higher, and total sustaining costs per pound are expected to be 2% to 4% lower.
