Barrick’s Post

HIGHER Q2 PRODUCTION PUTS BARRICK ON TRACK TO DELIVER 2024 TARGETS Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) has reported preliminary Q2 production of 948 thousand ounces of gold and 43 thousand tonnes of copper, as well as preliminary Q2 sales of 956 thousand ounces of gold and 42 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year with a higher weighting in the second half. The Company remains on track to achieve our full year gold and copper guidance. The average market price for…READ MORE HERE https://lnkd.in/g2gSvA4P

BARRICK REPORTS HIGHER Q4 GOLD PRODUCTION  Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) yesterday reported preliminary full year and fourth quarter 2023 production results. On the back of higher Q4 production, preliminary gold production for the full year of 4.05 million ounces was consistent with our forecast as guided in our third quarter release.1 Preliminary copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds. The preliminary Q4 results show sales of 1.04 million ounces of gold and 117 million pounds of copper, as well as…READ MORE HERE https://lnkd.in/de28Qv2f

Barrick’s preliminary Q1 2024 production results: ✅ 940 thousand ounces of gold ✅ 40 thousand tonnes of copper Preliminary Q1 2024 sales: ✅ 910 thousand ounces of gold ✅ 39 thousand tonnes of copper The average market price for gold in Q1 was $2,070 per ounce while the average market price for copper in Q1 was $3.83 per pound. Full details in our news release: 📣 Barrick On Track to Achieve 2024 Targets https://lnkd.in/ghdu9kbG Complete first quarter 2024 results to come on May 1.

Barrick’s preliminary full year 2023 production results: ✅ 4.05 million ounces of gold ✅ 420 million pounds of copper Preliminary Q4 2023 sales: ✅ 1.04 million ounces of gold ✅ 117 million pounds of copper Preliminary Q4 2023 production: ✅ 1.05 million ounces of gold ✅ 113 million pounds of copper The average market price for gold in Q4 was $1,971 per ounce and the average market price for copper in Q4 was $3.70 per pound. Full details in our news release: 📣 Barrick Reports Higher Q4 Gold Production https://lnkd.in/g_Uqe4FH Complete full year and fourth quarter 2023 results to come on Feb 14. $GOLD $ABX.TO

We plotted 1Q24 gold and gold-equivalent production versus reported All-In Sustaining Costs (AISC) per ounce of 54 precious metal producers Quarterly production ranged from a high of 1,675K oz by Newmont (NEM.N) to a low of 15.1K oz by Ausie junior Claudius (CAI.AX). AISC ranged from a low of $692/oz set by Orla (OLA.T) to a high of $2,799/oz set by Argonaut (AR.T).  Quarterly production was 8,903K oz at a weighted average AISC of $1,398/oz. Those figures don’t include AngloGold’s (AU.N) 561K oz, since they do not report quarterly AISC data.  Total poduction including Anglo was 9,464K oz which is still 10.8% lower than the 10,613K oz reported in 4Q23. Production generally surges in the fourth quarter as producers scramble to achieve their individual guidance levels.  Comparing 1Q24 with 1Q23, production was flat at 9,464K oz versus 9,496K oz. Average AISC, however climbed 7.5% from $1,296/oz in 1Q23 to $1,398/oz in 1Q24. We admit, our classification between Seniors, Intermediates and Juniors is somewhat arbitrary but that won’t change the position the chart. While equity price leverage might be favour high cost producers, AISC is just one of many other factors that should be considered when picking a stock.

We're pleased to provide a production update from our Sanbrado Gold Operations for the December 2023 quarter (Q4): https://loom.ly/dBGl8mk ➡️ No significant social, health or safety incidents; 4.2 million hours worked LTI free in 2023 ➡️ Q4 gold production up 4%, with 58,047 ounces gold produced ➡️ 2023 gold production of 226,823 ounces, achieving production guidance ➡️ 2023 gold sales of 224,970 ounces Underground production from M1 South decreased in the December quarter, down 7% with 100kt mined at 7.0g/t for 22,583 ounces of gold. Open-pit production increased significantly in Q4, up 54% with 1,356kt mined at 1.2g/t for 53,802 ounces of gold driven by lower strip ratios at M5 South stage 2 and increased movement at M5 North. Gold production increased 4% in Q4 with 58,047 ounces of gold produced from 857kt of ore milled at a head grade of 2.2 g/t and recovery of 94.1%, bringing full year gold production to 226,823 ounces. Gold sold during the quarter was 66,059 ounces, bringing 2023 gold sales to 224,970 ounces. We will release our full December 2023 Quarterly Activities Report with production cost information before 31 January 2024. Gold production and cost guidance for 2024, updated resources and reserves and a 10-year production outlook for WAF will be reported later in Q1 2024.

It is incredible what has happened over the past few months as the copper treatment and refining charges (TCRCs) have plummeted, which can only be positive for the copper price over the course of 2024 and beyond. Many banks have now upped their copper price forecasts as a result. The view of the copper market in early Q4 2023 was that there would be a surplus into 2024. That view is has now swung into the market balance having a sizeable deficit, following a series of suprise supply guidance downgrades by a number of the large miners. RBC estimates there has been a removal of ~700kt of copper supply in 2024 (circa 3% of the market). Projections by some funds reckon it could be even greater. For context Kamoa-Kakula produced 393kt of copper in 2023, so in other words its no small amount. With the significant and abrupt lack of 2024 copper concentrate supply, it is rumoured that spot TCRCs are now trading in the 20s/2s range and we could be heading to 0/0 TCRC. Its hard to operate a smelter at reduced capacity, so smelters are desperate to maintain a supply of concentrate in order to avoid being shut down. Treatment and Refining Charges (TCRCs) are the fees paid to smelters by miners for converting copper concentrate to copper cathode. It is the key revenue source for smelters. For context, the benchmark price for 2023 copper concentrate treatment and refining charges were $88/mt and 8.80 cents/lb. The last time TCRCs went to zero was in 2010. What is different this time is there needs to be a significant amount of new copper concentrate supply coming into the market to plug the gap... and I don't see where that is coming from. If TCRCs go to zero, this means smelters and refiners are willing to not charge or maybe even pay, to receieve concentrate in order to keep the running. In other words they would rather operate at a loss to avoid shutting down. So there is not enough copper concentrates around to satisfy the demand from the world's smelters. What's more, in 2024 there are 4 large smelters starting up, with a combined production capacity of up to 2.5mtpa (Grasberg/Manyar, Adani, Kamoa-Kakula, Batu Hijau). Those smelters that don't have their own mine supply, especially the custom smelters, will have a challenging few years ahead... But great news though if you're a copper concentrate producer!

BARRICK ON TRACK TO ACHIEVE 2024 TARGETS Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q1 production of 940 thousand ounces of gold and 40 thousand tonnes of copper, as well as preliminary Q1 sales of 910 thousand ounces of gold and 39 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans. We remain on track to achieve our…READ MORE HERE https://lnkd.in/dFRCwq7t

LME Copper Price Reaches US$10,000 per Tonne Again After Two Years of Non-compliance, Market Expects Supply Gap 2024-04-26 ／Foreign News The LME copper price surged past the US$10,000 per tonne barrier as global manufacturing activity rebounded. London Metal Exchange (LME) copper 3-month futures prices surged past the $10,000 per metric tonne mark on Friday (26) for the first time in two years on expectations of a new wave of demand from the green sector, which will create a supply gap for copper. LME copper 3-month futures surged to US$10,028 per metric tonne during trading on the 26th, climbing to a high since April 2022 and heading for a fourth straight weekly red, with a 17% gain this year; Shanghai Futures Exchange copper June futures hit a record high of RMB81,180 per metric tonne during trading on the same day, and although the gains were ceded by the close of trading, the price was still up by a robust 2.2% to close at RMB81,100 per metric tonne (US$11,192.07). Although the increase was moderate before the close of trading, it still rose 2.2% to RMB81,100 (US$11,192.07) per tonne. We are optimistic about copper demand growth, as electric vehicles, renewable energy and a major expansion of the power grid will require millions of tonnes of new copper supply over the next few years, and the cost of building or expanding large-scale mines will also climb.

Rio Tinto recently reiterated 2024 production guidance while the miner should state iron ore unit costs will be flat with improvements in copper and aluminium in its upcoming earnings, according to UBS brokers. Last month, Rio said it expects its Pilbara operations to produce between 323 and 338mt of iron ore in the coming year, while mined copper is predicted to increase to between 660 and 720kt. UBS added it sees no material risk to the 2023 dividend payment with some potential for an upside surprise. Glencore PLC (LSE:GLEN) meanwhile saw lower production in every commodity except gold and coal in 2023, with only zinc and ferrochrome tipped to improve in 2024. Chief executive Gary Nagle said the outcome was in line with the group's previous indications and that the second half had been stronger, especially in zinc, copper, nickel and coal. More at #Proactive #ProactiveInvestors http://ow.ly/Q2HG105h8ax