By Adriano Marchese


Barrick Gold Corp. gold production fell short of its full-year expectations by a small margin, while copper output met its target.


On output:

"Preliminary 4Q production of 1.12 million ounces of gold and 96 million pounds of copper," the Canadian mining major said.

"Preliminary 4Q gold production improved from 3Q and was the highest quarter for the year with stronger performances from Cortez, Carlin and Tongon. This was partially offset by lower production at Pueblo Viejo which finished the year well within guidance."

Barrick produced 1.2 million ounces of gold in the fourth quarter of 2021, according to the company's website.

"On the back of stronger 4Q production, 13% higher than the previous quarter, preliminary gold production for the full year of 4.14 million ounces was approximately 1% lower than the 4.2 million ounces previously guided."

"Preliminary copper production of 440 million pounds for 2022 was in line with the guidance range of 420 to 470 million pounds."

"Preliminary 4Q copper production was lower than 3Q, driven by higher waste stripping, lower throughput as well as lower grades at Lumwana as per the mine plan and in line with our previous disclosures."

Copper output in the fourth quarter of 2021 was 126 million pounds, according to the company's website.

"The average market price for gold in Q4 was $1,726 per ounce and the average market price for copper in 4Q was $3.63 per pound."


On costs:

"Compared to 3Q, 4Q gold cost of sales per ounce is expected to be 4% to 6% higher, total cash costs per ounce are expected to be 2% to 4% lower and all-in sustaining costs per ounce are expected to be 1% to 3% lower than the prior quarter."

"4Q copper cost of sales per pound is expected to be 38% to 40% higher, C1 cash costs per pound are expected to be 20% to 22% higher and all-in sustaining costs per pound are expected to be 26% to 28% higher."


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

01-17-23 0806ET