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Barrick Gold Corporation has announced that copper production for the fourth quarter of 2022 was expected to be lower than that recorded in the previous quarter.
This is due to higher waste stripping, lower throughput as well as grades at its Lumwana Mine in the North-western Zambia.
According to a statement issued on Tuesday in Lusaka, this was as per mine plan and in line with the mining company previous disclosures.
Preliminary copper production of 440 million pounds for 2022 was in line with the guidance range of 420 to 470 million pounds.
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Compare to the third quarter, the quarter four cost of sales per pound was expected to be 38 percent to 40 percent higher.
In addition to lower sales from Zambia’s Lumwana Mine due to the lower production described above, Zaldivar also had higher input cost and higher sustaining capital.
On gold, the mining company reported stronger fourth quarter production, which was 13 percent higher than the previous quarters.
Preliminary gold production for the full year of 4.14 million ounces was approximately one percent lower than the 4.2 million ounces previously guided.
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