Barrick Reports Quarterly Rise in Copper Output Despite Yearly Decline

Barrick

Canada-based Barrick Gold reported a rise in copper output for the third quarter of 2024 compared to the previous quarter, while maintaining its full-year production guidance. However, year-on-year production figures showed a decline, highlighting mixed performance across its key mining operations.

Quarterly and Yearly Performance

For the July-September period, Barrick's preliminary copper production reached 48,000 tonnes, representing an 11.6% increase on the quarter but a 5% decline year-on-year. The improvement in quarterly production was attributed to better grades and recoveries at the Lumwana mine in Zambia, following increased stripping activities in the prior quarter.

Lumwana Mine Leads the Recovery

The Lumwana mine contributed 30,000 tonnes of copper in the third quarter, marking a 20% rise from the second quarter. Output at Lumwana is expected to improve further in the fourth quarter as its new mining fleet is commissioned.

Steady Output at Jabal Sayid and Zaldivar

Barrick’s 50%-owned Jabal Sayid mine in Saudi Arabia and the Zaldivar mine in Chile reported consistent year-on-year production. Both operations produced 10,000 tonnes and 8,000 tonnes of copper, respectively, during the quarter.

Year-to-Date and Full-Year Guidance

Barrick’s total copper production for January-September stood at 131,000 tonnes, a 16% decrease year-on-year. Despite the yearly decline, the company reaffirmed its 2024 copper production guidance of 180,000-210,000 tonnes, anticipating a stronger fourth quarter to meet its targets.

Future Outlook

Barrick plans to release more details on its third-quarter production and sales on 7 November. The company remains optimistic about achieving its full-year goals, supported by improvements at Lumwana and steady performance from its other operations.