2023-04-13 07:37:18 ET
Barrick Gold ( NYSE: GOLD ) +0.9% pre-market Thursday after saying it remains on track to achieve full-year guidance for gold and copper production, as it reported preliminary Q1 production of 950K oz of gold and 88M lbs of copper.
As previously guided, Barrick ( GOLD ) expects FY 2023 gold production will increase through the year after the year's low in Q1, while anticipating copper production will turn higher in this year's H2.
The average market price for gold in Q1 was $1,890/oz, and the average market price for copper was $4.05/lb.
Barrick ( GOLD ) said preliminary Q1 gold production was lower than Q4 2022 primarily due to lower production at the Carlin mine in Nevada, while preliminary Q1 copper production was lower than Q4 2022 because of lower output at Lumwana and Zaldivar.
Compared to Q4 2022, Barrick ( GOLD ) expects Q1 gold cost of sales per oz will be 3%-5% higher, and all-in sustaining costs per oz will be 9%-11% higher, while Q1 copper cost of sales per lb is seen coming in as much as 2% higher, and all-in sustaining costs per lb will be 14%-16% lower.
As underlying gold prices move closer to their previous highs, Barrick Gold's ( GOLD ) risk/reward has become much less compelling, JR Research writes in an analysis published recently on Seeking Alpha .
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Barrick Gold says on track to achieve 2023 production targets