- Barrick Gold (ABX) reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper
- The company also reported preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper
- With the stronger Q2 performance, Barrick remains on track to achieve 2022 gold and copper guidance
- Barrick Gold is one of the world’s largest gold producers, operating nine gold mines in North America, South America, Australia, and Africa
- Barrick Gold Corp. (ABX) is down 3.83 per cent, trading at C$20.58 per share at 1:40 pm ET
Barrick Gold (ABX) reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper.
The company also reported preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick expects its gold production in 2022 to increase through the year. With the more robust Q2 performance, it remains on track to achieve 2022 gold and copper guidance.
The average market price for gold in Q2 was $1,871 per ounce. Copper was $4.32 per pound, however, the closing price at the end of the second quarter was $3.83 per pound.
The company expects the second quarter realized copper price to be 13-15 per cent below the average second quarter market price for copper. This is due to provisional pricing adjustments that reflect the decrease in the copper price near the end of Q2.
Barrick’s preliminary Q2 gold production was higher than Q1 due to a more robust performance across the portfolio. The company expects Q2 gold cost of sales per ounce to be 1 to 3 per cent higher than Q1. Total cash costs per ounce are expected to be 2 to 4 per cent higher, and all-in sustaining costs per ounce are expected to be 3 to 5 per cent higher.
Preliminary Q2 copper production was higher than Q1, driven by Lumwana as planned. However, Q2 copper sales were in line with the prior quarter due to the timing of shipments. The company expects Q2 copper cost of sales per pound to be 4 to 6 per cent lower than Q1, and C1 cash costs per pound to be 5 to 7 per cent lower. Copper all-in sustaining prices per pound are expected to be 2 per cent higher than in Q1.
The company will provide additional discussion and analysis on production and sales in its quarterly results on August 8, 2022.
Barrick Gold is one of the world’s largest gold producers, operating nine gold mines in North America, South America, Australia, and Africa.
Barrick Gold Corp. (ABX) is down 3.83 per cent, trading at C$20.58 per share at 1:40 pm ET.
