Barrick Gold Output Dipped to Lowest in 22 Years in 2022

SEATTLE (Scrap Monster): The gold output by Barrick Gold Corporation recorded decline during the previous year, falling to lowest level in 22 years, despite the company reporting stronger output during the last quarter. The production was badly impacted by operational woes.

According to preliminary full year and fourth quarter 2022 production results, the Q4 output surged higher by 13% from the prior quarter. The miner reported strong performance from Cortez, Carlin and Tongon, whereas the output from Pueblo Viejo recorded decline. The preliminary gold production for the full year 2022 stood at 4.14 million ounces, lower by almost 1% than the previously announced guidance of 4.2 million ounces.

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The preliminary gold production totaled 1.12 million ounces of gold and 96 million pounds of copper in Q4. Also, it reported sales of 1.11 million ounces of gold and 99 million pounds of copper during the quarter. The Q4 gold cost of sales per ounce surged higher by 4%-6%, when compared with Q3.

Meantime, the copper production totaled 440 million pounds in 2022, in line with the guidance range of 420 to 470 million pounds. The Q4 copper production was lower than Q3, due to higher waste stripping, lower throughput and lower grades at Lumwana.

Barrick will declare its Q4 and full year 2022 results before market open on February 15, 2023.