Barrick Gold’s second-quarter gold output rose by nearly 0.9% compared to the previous quarter, driven by increased production at the Turquoise Ridge mine in Nevada and expansion efforts at the Porgera mine in Papua New Guinea. The company’s total preliminary gold output for the quarter ending June 30 reached 948,000 ounces, up from 940,000 ounces in the first quarter.
The Porgera mine has been under care and maintenance since April 2020 due to disputes over benefit-sharing terms between Barrick, the government, and local communities during lease renewal negotiations.
Barrick anticipates that its all-in sustaining costs (AISC) per ounce of gold will increase by approximately 1% to 3% from the previous quarter’s $1,474 per ounce. However, the company expects costs to decrease in the second half of the year as production ramps up.
In addition to gold, Barrick’s quarterly copper production rose to 43,000 metric tons, up from 40,000 tons in the first quarter. This increase was attributed to higher grades and recoveries at the Lumwana mine in Zambia, following a planned maintenance shutdown.
Barrick is set to release its detailed second-quarter results on August 12, with market expectations for updates on contract negotiations in Mali. CEO Mark Bristow noted that the current economic and political climate in Mali has led many exploration companies to curtail or suspend operations in the region.