Barrick Set for Strong Finish to the Year
TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported preliminary Q3 sales of 1.03 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. Q3 production was higher than Q2, although lower than previous plans for the quarter, especially at Pueblo Viejo where equipment design deficiencies contributed to the delayed ramp up of the expansion project. We continue to expect a significant increase in fourth quarter production volume.
- Porgera has been on temporary care and maintenance since April 2020 and is not currently included in our full year 2023 guidance.
- On February 3, 2022, the Framework Agreement was replaced by the more detailed Porgera Project Commencement Agreement (the “Commencement Agreement”).
- Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on November 2, 2023.
- Barrick also cautions that its 2023 guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.