The world’s second-largest gold miner was unable to beat production estimates in 2023.
Barrick expects all-in-sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, to be about 7% to 9% higher than the previous quarter.
US shares of the firm were 2.2% lower in premarket trading, while spot gold was down 0.4%.
Miners, including First Quantum in Panama and platinum and palladium miners in Africa, have run into a spate of operational and labor troubles, leading to higher costs and production halts.
Barrick’s Porgera gold mine in Papua New Guinea had been shuttered since 2020, but restarted operations late into the first quarter.
The company, however, added that it expects gold and copper production to increase through the year, with its Pueblo Viejo gold mine in the Dominican Republic ramping up from the second quarter.
Barrick also reported preliminary copper production of 40,000 tonnes,…
