Barrick Gold Corp beat analysts’ expectations for third-quarter profit on Thursday, as the Canadian gold miner benefited from increased production and higher bullion prices.
The Toronto-based company also said it was on track to meet targets at its copper projects like Reko Diq in Pakistan and Lumwana in Zambia.
Barrick, which owns a 50% stake in the Reko Diq mine, reiterated that their stake wasn’t up for sale.
“Saudi wants to buy some stake (in Reko Diq). We don’t know how much… so those conversations are ongoing, and we are supportive of them, but we’re not there to get into the middle of it,” CEO Mark Bristow told Reuters.
The remainder of the stake in Reko Diq is owned by the governments of Pakistan and the province of Balochistan. Barrick considers the mine one of the world’s largest underdeveloped copper-gold areas.
For the fourth quarter, Barrick expects gold and copper output would be stronger, though it sees gold production for the year marginally below the low end of forecasts between 4.2 to 4.6 million ounces in part due to the slow ramp up at the Pueblo Viejo mine in the Dominican Republic.
All-in sustaining costs (AISC) for gold, a key industry metric that reflects total expenses associated with production, were at $1,255 per ounce for the third quarter ended Sept. 30, compared with $1,355 in the second quarter, and $1,269 in the third quarter of 2022.
Gold production in the reported quarter was sequentially higher on increased output at its mines in Nevada and the Kibali mine in Democratic Republic of Congo.
The company posted adjusted earnings of 24 cents per share, while analysts had expected 20 cents, according to LSEG data.
Barrick also flagged two fatalities at its operations in the third quarter, in Mali and Nevada.
(By Seher Dareen and Divya Rajagopal; Editing by Maju Samuel and Shailesh Kuber)
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