On Thursday, Barrick Gold Corp reported a drop in Q3 gold output from the previous quarter. It said it expects full-year gold production to be at the low end of the range it forecasted earlier. Barrick, earlier this year, forecasted 2022 gold production of 4.2 million to 4.6 million ounces.

In August, Barrick Gold Corp warned it could exceed its gold production cost guidance as miners battle with inflation and rising costs of labour, energy and mining supplies.
For Q3, the world’s second-largest gold miner reported total preliminary gold production of 988,000 ounces compared with 1.04 million ounces in the second quarter.

It said its third-quarter gold output declined due to weak production from its Veladero, Carlin and Turquoise Ridge mines. Copper production surged 2.5 per cent to 123 million pounds, driven by strong performance at its Lumwana mine.

Barrick said the average realised price for the precious metal during the quarter was USD 1,729 per ounce, down from USD 1,871 per ounce in the second quarter.