Barrick misses 2022 gold target despite 13% jump in fourth quarter

Article content Barrick Gold Corp. reported a 13 per cent increase in gold production in its fourth quarter over the previous quarter, but still failed to meet its 2022 target of 4.2 million ounces of gold, falling short by one per cent. Article content The Toronto-based miner produced 1.12 million ounces of gold in its fourth quarter, which was about seven per cent lower than the 1.2 million ounces it produced a year ago. Article content The 4.14 million ounces of gold Barrick produced in 2022 was its lowest level since 2000, when it produced about 3.7 million ounces, according to Bloomberg. The company also produced 96 million pounds of copper during the quarter, which was lower than the 123 million pounds produced in the previous quarter and 126 million pounds a year ago. Barrick, which is looking to boost its copper production through new projects in Saudi Arabia and Pakistan, attributed the lower numbers to lower copper grades at its Lumwana mine in Zambia and higher waste stripping. Article content The company produced about 440 million pounds of copper in 2022, which was within its annual guidance range of 420 to 470 million pounds. Copper helps boost Barrick profit despite rising costs Barrick Gold under fire by UN for toxic spills from Veladero mine in Argentina Tanya Jakusconek, an analyst at Bank of Nova Scotia, said Barrick’s gold production was five per cent lower than the bank’s expectation and costs were estimated to be about 11 to 15 per cent higher than expected. The analyst attributed the lower production to “weaker performance” at Barrick’s Carlin complex and Turquoise Ridge mines in the United States and the Pueblo Viejo mine in the Dominican Republic. The miner’s copper production was about seven per cent lower than the bank’s estimate. “We view these results as negative for the shares, mainly on the higher costs on both the gold and copper assets,” Jakusconek said in a research note on Tuesday. At midday, Barrick shares were trading at 25.30 in Toronto, down 80 cents or 3.07per cent, but within a 52-week trading range of $17.88 and $33.50. • Email: nkarim@postmedia.com | Twitter: naimonthefield

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