This article is 6 years old. Images might not display.
Production of the yellow metal came in at 1.15 million ounces, mainly owing to improved throughput and grades at the Barrick Nevada operations.
The Toronto-headquartered major guided for December-quarter production of 1.25Moz, at an all-in sustaining cost (AISC) of US$765-$815/oz.
Higher production at the Lumwana mine, in Zambia boosted copper output during the period to 106 million pounds, up 28% over the prior quarter. Copper AISC were expected to be 10-12% lower compared with the June quarter.
The performance bolstered confidence in its 2018 copper production forecast of 345-410Mlbs, at an AISC of $2.55-$2.85/lb.
Barrick also said its 2018 effective tax rate would be 48%-50%, based on a $1,200/oz gold price for the rest of the year - up from a previous forecast of 44%-46%. The effective tax rate was increased because of lower-than-anticipated sales from operations in lower-tax jurisdictions, such as at Barrick Nevada.
The C$17.52 billion company planned to report quarterly financial results on October 24.