Barrick Gold Corp ABX-T on Thursday said it expects full-year gold production to be at the lower end of the range it forecast earlier and reported a fall in third-quarter preliminary output from the second quarter.
The world’s second-largest gold miner warned in August it could exceed its gold production cost guidance as miners battle with inflation and rising costs of labor, energy and mining supplies.
Barrick earlier this year forecast 2022 gold production of 4.2 million to 4.6 million ounces.
For the third quarter, it reported total preliminary gold production of 988,000 ounces compared with 1.04 million ounces in the second quarter.
It said third-quarter gold output fell due to weak production from its Veladero, Carlin and Turquoise Ridge mines.
Barrick said the average realized price for gold during the quarter was $1,729 per ounce, down from $1,871 per ounce in the previous quarter.
All-in sustaining costs (AISC) for gold, a key industry metric, is expected to be 3 per cent to 5 per cent higher in the third quarter than the second, while AISC for copper is expected to be 8 per cent to 10 per cent higher.
The Toronto, Canada-based miner had reported AISCs of $1,212 per ounce of gold and $2.87 per pound of copper for its second quarter.
Copper production rose 2.5 per cent to 123 million pounds in the third quarter, driven by strong performance at its Lumwana mine in Zambia, southern Africa.
The company will announce its third-quarter earnings on Nov. 3.