Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) announced on Thursday that its preliminary gold production rose almost 3% sequentially for the third quarter to 1.04 million ounces, boosted by higher output at its Cortez mines in Nevada.
The quarter's gold production was lower than expected, though, due to what the company called equipment design deficiencies at the Pueblo Viejo mine in the Dominican Republic, although Barrick expects “a significant increase in fourth quarter production volume”.
The mining giant also said its preliminary copper production for the quarter rose 4.7% to 112 million pounds, driven primarily by the Lumwana mine in Zambia.
Earlier this month, Barrick said it would invest nearly $2 billion in the Lumwana mine as part of the company's plans to extend the mine's life to 2060.
The company also previously stated that it anticipates gold and copper production in the second half of 2023 to be higher than the first half.
And, Barrick revealed that it expects all-in-sustaining costs (AISC) per ounce of gold to fall about 6% to 8% from the previous quarter.
The company will report its full third quarter results before North American markets open on November 2, 2023.
Shares of Barrick Gold were 0.6% lower in midday New York trading but edged up $0.02 to C$20.71 in midday trading on the TSX.
Contact Sean at sean@proactiveinvestors.com