Barrick reports higher gold, copper output for second quarter

Gold and copper production is expected to increase through the year with the second half to be stronger than the first six months, the miner said.

Its total preliminary gold output was 1.01 million ounces in the three months ended June 30, up 6% from the March quarter, but marginally lower than analysts’ expectation of 1.07 million ounces, according to Refinitiv data.

The rise in gold production was driven by higher output at Carlin mine in Nevada and return to normal throughput levels on completion of maintenance work at the site.

Higher grades derived at both Kibali in Democratic Republic of Congo and Veladero in Argentina further boosted the output, the company said.

Miners have grappled with lower production last year as they faced wet weather, Covid disruptions and labor shortages.

Gold’s all-in sustaining costs (AISC), a key industry metric that reflects the total costs of sustaining mining operations, are expected to be down 2%, the company said.

Barrick’s copper production for the quarter came in at 107 million pounds, up 22% from the first quarter, driven by higher output at Lumwana mine in Zambia.

AISC for copper is expected to be down 7% to 9%.

Barrick is scheduled to release its second-quarter results on Aug. 8, while rival and top gold producer Newmont Corp is expected to report on July 20.