Tanzania: Barrick Gold Corporation To Release Q2 2022 Next Week

By Prosper Makene

Barrick Gold Corporation President and CEO Mark Bristow

Barrick Gold Corporation will release its Q2 2022 results on Monday, August 8, 2022 whereby it’s President and CEO Mark Bristow is expecting to host a virtual presentation on the results that day at 11:00 EDT, with an interactive webinar linked to a conference call.

The Gold firm which is also operates in Tanzania said in its official website that participants will be able to ask questions during the results presentation next week.

Last month, Barrick has reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper.

As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1.

The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2 was $4.32 per pound, however the closing price at the end of Q2 was $3.83 per pound.

The Company’s second quarter realized copper price2 is expected to be 13-15% below the average second quarter market price for copper, primarily as a result of provisional pricing adjustments3 that reflect the decrease in the copper price near the end of Q2.

As expected, preliminary Q2 gold production was higher than Q1 due to a stronger performance across the portfolio, particularly at Carlin, Turquoise Ridge, Veladero, Bulyanhulu and North Mara. This was partially offset by lower production at Cortez due to mine sequencing as it transitions from the end of open pit mining at Pipeline to a new phase at Crossroads, which is expected to underpin stronger performance for the asset in the fourth quarter of 2022.

One of the Barrick Gold Plants in Tanzania

Compared to Q1, Q2 gold cost of sales per ounce4 is expected to be 1% to 3% higher, total cash costs per ounce5 are expected to be 2% to 4% higher and all-in sustaining costs per ounce5 are expected to be 3% to 5% 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. Compared to Q1, Q2 copper cost of sales per pound4 is expected to be 4 to 6% lower and C1 cash costs per pound5 are expected to be 5 to 7% lower. Copper all-in sustaining costs per pound5 are expected to be in line to 2% higher than Q1.

 

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button