Barrick Gold, the world’s second-largest gold producer, reported lower-than-expected gold production for the third quarter. The decline was mainly attributed to reduced output at the Carlin and Cortez mines in Nevada, which are part of Barrick’s joint venture with Newmont, Nevada Gold Mines.
While production at Nevada Gold Mines dipped slightly, Barrick is optimistic about a strong fourth quarter, citing an operational expansion at the Carlin mine that should boost output and recovery rates.
Overall, the company’s preliminary gold production for the quarter fell short of analysts’ expectations, leading to a slight decline in its share price. Despite this, Barrick maintains its full-year production targets for both gold and copper.
Analysts are expecting a strong earnings report for the third quarter, fueled by higher gold prices driven by interest rate cuts and safe-haven demand. This is expected to result in an adjusted profit of 35 cents per share, a significant increase from the previous year.
The company’s official third-quarter results are scheduled to be released on November 7th.
