Barrick Gold Shares Losing Shine On Q4 Preliminary Report Despite Results From Cortez, Phoenix, Pueblo Viejo

Barrick Gold Corp GOLD shares are trading lower after the company reported fourth-quarter 2023 preliminary results.

GOLD posted fiscal-year 2023 copper production of 420 million pounds, at par with the lower end of the guidance range of 420 to 470 million pounds.

The Toronto-based company reported 2023 gold production of 4.05 million ounces, versus the guidance of 4.2-4.6 million ounces.

In Q4, gold sales came in at 1.04 million ounces and copper sales of 117 million pounds, with preliminary production of 1.05 million ounces of gold and 113 million pounds of copper. 

For Q4, the average market price for gold was $1,971 per ounce, and the average copper price was $3.70 per pound.

Notably, Q4 gold production improved Q/Q and was the highest quarter for the year, with stronger performances from Cortez, Phoenix, and Pueblo Viejo assets. 

Also, Q4 gold cost of sales per ounce is projected to be up 6% to 8% Q/Q, and all-in sustaining costs per ounce are expected to be 8% to 10% higher Q/Q.

Moreover, Q4 copper production was in line with Q3, with the copper cost of sales per pound expected to be up 8% to 10% Q/Q and all-in sustaining costs per pound anticipated to be lower 2% to 4% Q/Q due to lower capitalized waste stripping at Lumwana.

GOLD expects to report Q4 and FY23 results on Feb. 14.

Price Action: GOLD shares are down 1.98% at $17.29 premarket on the last check Tuesday.

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