The company now expects to be “either at the top end or slightly above” its all-in sustaining cost guidance range for 2022 of $1,040 to $1,120 per ounce of gold, given energy prices have risen due to the war in Ukraine, it said.
“There’s no way that anyone can categorically assess the costs at the moment, because you don’t know where it’s going to go,” Bristow said. “The world is not in balance at the moment.”
Mining companies have battled inflation this year as prices for diesel, explosives, and cyanide surged. Barrick’s rival Newmont Corp hiked its annual cost forecast two weeks ago, sending its shares down 12%.
Barrick’s cost of production for the first half was $1,188 per ounce of gold, meaning it will have to bring costs down in the second half in order to meet its forecast, something Bristow said he expects.
“We can’t go along and change the fuel price, but we are forecasting an increase in…
