The cost increase was largely down to a 9% fall in gold production from 1.09 million ounces to 988,000 ounces, CEO Mark Bristow told Reuters in an interview.
“Of course we’ve got cost pressures everywhere,” Bristow said, adding that the worst-affected mines were Carlin and Cortez in Nevada, and Veladero in Argentina.
All-in sustaining costs for copper also rose, to $3.13 per pound from $2.60 per pound. Copper production increased, however, to 123 million pounds from 100 million pounds.
Barrick remains on track to achieve its 2022 production guidance, Bristow said in a statement. The miner however said production at both Turquoise Ridge in Nevada and Hemlo in Canada is expected to be below the 2022 guidance range.
Barrick’s net earnings fell to $241 million, or 14 cents per share, in the quarter ended Sept. 30, from $347 million, or 20 cents per share, a year earlier.
Gold prices declined 8% during the third quarter as…
