- Barrick Gold (TSX:ABX) has reported its Q3 2023 results, which showed improved production at lower costs
- The company said Q3 was an improvement on previous quarters and Q4 will be better
- Gold production in Q3 was higher than Q2 thanks to improved performances at is Cortez, Turqoise Ridge and Kibali mines
- Shares of Barrick Gold are down 0.13 per cent to C$22.21
Barrick Gold (TSX:ABX) has released its much anticipated Q3 2023 financial results, highlighting an improvement in production thanks to lower costs.
In a news release, CEO Mark Bristow said that Q3 was better than the previous quarters and that Q4 will top them all.
Notably, Barrick Gold’s revenue totaled US$2.86 billion, up from $2.53 billion the same quarter last year, and gold sales totaled 1.02 million ounces up from 997,000 ounces last year.
Revenue totalled US$2.86 billion, up from US$2.53 billion in the same quarter last year.
“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,” Bristow said in a statement.
In terms of its key growth projects – including developing the Reko Diq copper and gold mine in Pakistan and the expansion of the Lumwana copper mine in Zambia – the company said progress continues to be steady.
Construction of Reko Diq is anticipated to begin in 2025 with first production to begin in 2028, with Lumwana’s expansion scheduled for the same time period. It is expected that Reko Diq will be among the world’s top 10 copper producers when it reaches full production.
“Growing the copper portfolio is one of our strategic priorities, and when these two mines are in full production, they will promote Barrick to the premier league of copper producers alongside its peerless gold portfolio. In the meantime, we’re using our very successful Jabal Sayid copper mine in Saudi Arabia as a springboard for the discovery of new opportunities within the kingdom and around the Red Sea to Egypt, where we believe the Arabian-Nubian Shield is poised to become a major new mining destination,” Bristow said.
Barrick Gold is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development.
Shares of Barrick Gold are down 0.13 per cent to C$22.21.
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