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Barrick (GOLD) Announces Preliminary Q1 Sales & Production
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Barrick Gold Corporation (GOLD - Free Report) recently reported preliminary first-quarter 2022 sales of 1 million ounces of gold and 113 million pounds of copper. It also reported preliminary first-quarter production of 1 million ounces of gold and 101 million pounds of copper.
Barrick’s gold production in 2022 is forecast to be the lowest in the first quarter rising through the year. Copper production is expected to be higher in the second half of the year. The company is on track to achieve its full-year gold and copper guidance. Per the company, the average market price for gold in the first quarter was $1,877 per ounce and $4.53 per pound for copper.
The preliminary gold production for the quarter was lower than the previous quarter. These include Carlin and Cortez post the mechanical mill failure, Kibali and Turquoise Ridge due to planned maintenance and Tongon due to mine sequencing. The gold ounces sold in the first quarter are 20% lower than the previous quarter, the gold cost of sales per ounce is forecast to be 10-12% higher, total cash costs per ounce are projected to be 15-17% higher and all-in sustaining costs (AISC) per ounce are expected to be 19-21% higher.
As anticipated, the preliminary copper production is also lower than the fourth-quarter 2021 levels, mainly at Lumwana. The copper cost of sales per pound is expected to be in line with the previous quarter’s levels. Cash costs per pound are projected to be 10-12% higher primarily due to lower planned grades at Lumwana, as the mine continued to focus on capitalized waste stripping to open up higher-grade mining areas and enable future production growth over the five-year outlook. Copper all-in sustaining costs per pound are forecast to be 1-3% lower than the previous quarter.
Barrick received an additional $0.3 billion from Kibali in the first quarter, post the $107 million which Barrick received in dividend payments from Kibali in the fourth quarter of 2021.
Shares of Barrick have increased 13.3% in the past year compared with an 11.1% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 143.5% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 39.7% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 142.6% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 54.7% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 43.6% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 91.3% in a year. The company sports a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 36.7% over a year.
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Barrick (GOLD) Announces Preliminary Q1 Sales & Production
Barrick Gold Corporation (GOLD - Free Report) recently reported preliminary first-quarter 2022 sales of 1 million ounces of gold and 113 million pounds of copper. It also reported preliminary first-quarter production of 1 million ounces of gold and 101 million pounds of copper.
Barrick’s gold production in 2022 is forecast to be the lowest in the first quarter rising through the year. Copper production is expected to be higher in the second half of the year. The company is on track to achieve its full-year gold and copper guidance. Per the company, the average market price for gold in the first quarter was $1,877 per ounce and $4.53 per pound for copper.
The preliminary gold production for the quarter was lower than the previous quarter. These include Carlin and Cortez post the mechanical mill failure, Kibali and Turquoise Ridge due to planned maintenance and Tongon due to mine sequencing. The gold ounces sold in the first quarter are 20% lower than the previous quarter, the gold cost of sales per ounce is forecast to be 10-12% higher, total cash costs per ounce are projected to be 15-17% higher and all-in sustaining costs (AISC) per ounce are expected to be 19-21% higher.
As anticipated, the preliminary copper production is also lower than the fourth-quarter 2021 levels, mainly at Lumwana. The copper cost of sales per pound is expected to be in line with the previous quarter’s levels. Cash costs per pound are projected to be 10-12% higher primarily due to lower planned grades at Lumwana, as the mine continued to focus on capitalized waste stripping to open up higher-grade mining areas and enable future production growth over the five-year outlook. Copper all-in sustaining costs per pound are forecast to be 1-3% lower than the previous quarter.
Barrick received an additional $0.3 billion from Kibali in the first quarter, post the $107 million which Barrick received in dividend payments from Kibali in the fourth quarter of 2021.
Shares of Barrick have increased 13.3% in the past year compared with an 11.1% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 143.5% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 39.7% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 142.6% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 54.7% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 43.6% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 91.3% in a year. The company sports a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 36.7% over a year.