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Barrick (GOLD) Reports Strong Preliminary Q4 Production Results
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Barrick Gold Corporation (GOLD - Free Report) announced its preliminary full-year and fourth-quarter 2023 production results, showcasing positive outcomes driven by higher production in the fourth quarter. The company reported a preliminary full-year gold production of 4.05 million ounces, aligning with the previously-guided forecast from the third-quarter release. Copper production for 2023 reached 420 million pounds, falling within the projected range of 420-470 million pounds.
In the fourth quarter, Barrick recorded sales of 1.04 million ounces of gold and 117 million pounds of copper. The preliminary production for the quarter was 1.05 million ounces of gold and 113 million pounds of copper. The average market prices for gold and copper in the fourth quarter were $1,971 per ounce and $3.70 per pound, respectively.
Fourth-quarter gold production marked an improvement over the third quarter, representing the highest quarter for the year, with notable contributions from Cortez, Phoenix and Pueblo Viejo. However, lower production at Loulo-Gounkoto, as planned, partially offset these gains. The fourth-quarter gold cost of sales per ounce is expected to be 6-8% higher compared with third-quarter levels, with total cash costs per ounce and all-in sustaining costs per ounce anticipated to be 7-9% and 8-10% higher, respectively.
Preliminary fourth-quarter copper production remained consistent with the third quarter across all three sites. However, the fourth-quarter copper cost of sales per pound is projected to be 8-10% higher than third-quarter levels. C1 cash costs per pound are expected to increase by 5% to 7%, while all-in sustaining costs per pound are anticipated to be 2-4% lower, primarily due to reduced capitalized waste stripping at Lumwana.
Barrick is set to provide a more comprehensive discussion and analysis of its full-year and fourth-quarter production and sales during the quarterly and full-year results announcement scheduled for Feb 14, 2024.
Barrick’s shares have lost 13.1% in the past year against a 3.9% fall of the industry.
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 99% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 51.1% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 45.6% in the past year.
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Barrick (GOLD) Reports Strong Preliminary Q4 Production Results
Barrick Gold Corporation (GOLD - Free Report) announced its preliminary full-year and fourth-quarter 2023 production results, showcasing positive outcomes driven by higher production in the fourth quarter. The company reported a preliminary full-year gold production of 4.05 million ounces, aligning with the previously-guided forecast from the third-quarter release. Copper production for 2023 reached 420 million pounds, falling within the projected range of 420-470 million pounds.
In the fourth quarter, Barrick recorded sales of 1.04 million ounces of gold and 117 million pounds of copper. The preliminary production for the quarter was 1.05 million ounces of gold and 113 million pounds of copper. The average market prices for gold and copper in the fourth quarter were $1,971 per ounce and $3.70 per pound, respectively.
Fourth-quarter gold production marked an improvement over the third quarter, representing the highest quarter for the year, with notable contributions from Cortez, Phoenix and Pueblo Viejo. However, lower production at Loulo-Gounkoto, as planned, partially offset these gains. The fourth-quarter gold cost of sales per ounce is expected to be 6-8% higher compared with third-quarter levels, with total cash costs per ounce and all-in sustaining costs per ounce anticipated to be 7-9% and 8-10% higher, respectively.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote
Preliminary fourth-quarter copper production remained consistent with the third quarter across all three sites. However, the fourth-quarter copper cost of sales per pound is projected to be 8-10% higher than third-quarter levels. C1 cash costs per pound are expected to increase by 5% to 7%, while all-in sustaining costs per pound are anticipated to be 2-4% lower, primarily due to reduced capitalized waste stripping at Lumwana.
Barrick is set to provide a more comprehensive discussion and analysis of its full-year and fourth-quarter production and sales during the quarterly and full-year results announcement scheduled for Feb 14, 2024.
Barrick’s shares have lost 13.1% in the past year against a 3.9% fall 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 Cameco Corporation (CCJ - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and The Andersons (ANDE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 99% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 51.1% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 45.6% in the past year.