CUPERTINO, Calif., Oct. 16, 2024 — Announcing preliminary Q3 production data, Barrick Gold (GOLD, Financial) has posted lower-than-expected gold output while reaffirming its full-year estimate. Moreover, despite the 11% jump in copper output to 48,000 metric tons, gold production dropped less than 1% from Q2 to 943,000 ounces, dropping below analyst expectations.
Moreover, key operational achievements as noted by Barrick involved improved grades at North Mara in Tanzania along with a 23% output increase at its Pueblo Viejo mine in the Dominican Republic. Higher grades and recoveries at the Lumwana mine in Zambia led to the copper hike.
As we look ahead, Barrick anticipates a significantly better Q4 and remains firmly on track to achieve its 2024 estimate of 3.9 million to-4.3 million ounces of gold along with 180,000-210,000 metric tons of copper notwithstanding the Q3 gold deficit.
Its important to note that following an improved operational environment, Barrick Gold stock has surged 16% in the past six months, and is neck-and-neck with the S&P 500. However, the stock has pulled-back of late, having dipped almost 4% in the past month alone, while the broader-market remains in the green.
