Canadian miner Barrick Gold reported that its gold and copper production increased sequentially in the second quarter of 2023.
The company’s total preliminary gold output was 948,000 ounces for the quarter ended June 30, up from 940,000 ounces in the first quarter. This increase was helped by higher production at the Turquoise Ridge mine in Nevada and the expansion at the Porgera mine in Papua New Guinea.
The Porgera mine had been placed on care and maintenance in April 2020 following a dispute over benefit-sharing terms between the government, local people, and Barrick during negotiations for the renewal of the mining lease.
Barrick also said its quarterly copper production rose to 43,000 tonnes, compared to 40,000 tonnes in the first quarter. This increase was driven by higher grades and recoveries at the Lumwana mine in Zambia, following a planned maintenance shutdown in the previous quarter.
However, the company expects its all-in sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, to rise about 1% to 3% from the previous quarter’s $1,474 per ounce. But Barrick anticipates a drop in AISC in the second half of 2024 as production ramps up.
Overall, Barrick Gold reported sequential increases in both its gold and copper production for the second quarter of 2023, despite the expected rise in all-in sustaining costs per ounce of gold.