Barrick Reports Higher Gold and Copper Production for Q2, on Track for 2024 Targets
The company remains on track to hit its annual targets for both gold and copper. Its full Q2 results are due out on August 12.

Major miner Barrick Gold (TSX:ABX,NYSE:GOLD) reported preliminary Q2 production numbers on Tuesday (July 16), indicating that it remains on track to hit its output targets for the rest of the year.
The company produced 948,000 ounces of gold and 43,000 metric tons of copper during the period, with sales figures slightly higher at 956,000 ounces of gold and 42,000 metric tons of copper.
The numbers put Barrick on track to meet its 2024 guidance for both metals, which is set at 3.9 million to 4.3 million ounces of gold and 180,000 to 210,000 metric tons of copper.
According to the company, Q2 gold production was up compared to Q1 due to a number of factors. Barrick pointed to increased output at Turquoise Ridge, which is part of the Nevada Gold Mines joint venture with Newmont (TSX:NGT,NYSE:NEM), the continued ramp-up of Porgera and "significant increases" at Tongon, North Mara and Kibali.
These improvements offset planned lower production at Cortez and Phoenix. Meanwhile, the Pueblo Viejo mine's production remained flat, although efforts to optimize recovery rates will be a focus in H2.
Compared to Q1, Barrick's gold cost of sales per ounce and total cash costs per ounce are projected to be 0 to 2 percent higher. Total cash costs were impacted by the surge in the gold price in Q2, which led to higher royalties.
All-in sustaining costs per ounce are expected to be 1 to 3 percent higher. However, Barrick said these costs are anticipated to decline in the latter half of the year as production continues to ramp up.
Barrick's copper production also increased in Q2, primarily due to higher grades and recoveries at Lumwana following the ramp up of stripping activities and a planned shutdown in Q1. The copper cost of sales per pound in Q2 is expected to be lower, in contrast to all-in sustaining costs per pound, which are expected to be 1 to 3 percent higher.
As with gold, copper costs are expected to drop in the second half of the year.
Barrick will provide a detailed analysis of its Q2 production and sales numbers when it reports its quarterly results on August 12, followed by a live presentation from President and CEO Mark Bristow.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.