Barrick Gold Reports Copper Production Growth in Q3 Despite Annual Decline

Quarterly Increase and Yearly Decline in Copper Output
Barrick Gold has reported a quarterly increase in copper production for Q3 2024, reaching 48,000 tonnes, an 11.6% rise from the previous quarter. However, the company’s copper output for the same period last year shows a 5% decline. This mixed performance highlights ongoing challenges in some of its mining operations despite improvements at key sites. The Q3 increase is attributed to better grades and recoveries at the Lumwana mine in Zambia, following stripping activities conducted earlier in the year.

Lumwana Mine Drives Q3 Performance
The Lumwana mine in Zambia emerged as the major contributor to Barrick’s copper output in Q3, delivering 30,000 tonnes, a 20% increase over Q2 2024. This improvement reflects the success of operational upgrades, particularly in equipment and mining fleet deployments. Barrick anticipates further growth at Lumwana in Q4, buoyed by the commissioning of a new mining fleet, which is expected to further enhance production capacity.

Steady Production at Jabal Sayid and Zaldivar Mines
Barrick’s other key copper mines, Jabal Sayid in Saudi Arabia and Zaldivar in Chile, reported stable production figures. Jabal Sayid, which Barrick co-owns with Ma’aden, produced 10,000 tonnes of copper, while Zaldivar, a 50%-owned joint venture with Antofagasta, produced 8,000 tonnes. Both operations showed no significant change year-on-year, contributing to Barrick’s steady global copper output.

Year-to-Date Performance and Guidance for 2024
For the year-to-date period, Barrick’s total copper production stands at 131,000 tonnes, down 16% from the previous year. Despite this decline, the company has reaffirmed its full-year guidance for copper production, maintaining an expectation of 180,000-210,000 tonnes for the full year. Barrick remains optimistic that Q4 performance will help close the gap and meet its 2024 target.

Outlook and Operational Optimism
Looking ahead, Barrick expects a stronger Q4 performance, largely driven by the continued ramp-up at the Lumwana mine. The company is confident that the ongoing upgrades and a more favorable operational environment will help it achieve its annual production target. Barrick plans to release a detailed update on Q3 production and sales on November 7, 2024, giving more insight into its strategies for the final quarter of the year.