Barrick Gold (ABX) has reported a decline in third-quarter gold output and lowered its forecast
for gold production through the remainder of this year.
The Toronto-based miner said it now expects full-year gold production to be at the low end of
the range it previously forecast. Barrick Gold had forecast 2022 gold production of 4.2 million to
4.6 million ounces.
The world's second biggest gold miner warned back in August that its production was being
negatively impacted by inflation and rising costs of labor, energy, and mining supplies.
For the third quarter, Barrick reported preliminary gold production of 988,000 ounces compared
with 1.04 million ounces in this year’s second quarter.
The company also blamed its third quarter output decline on weak production at its Veladero,
Carlin and Turquoise Ridge gold mines.
Barrick also said that its copper production rose 2.5% to 123 million pounds in Q3, driven by a
strong performance at its Lumwana mine.
Barrick Gold’s stock is down 13% year-to-date at $20.84 per share.
