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Barrick (GOLD) Q3 Production Rises, Set to Achieve FY21 Targets

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Barrick Gold Corporation GOLD recently reported preliminary third-quarter sales of 1.07 million ounces of gold and 101 million pounds of copper. It also reported preliminary third-quarter production of 1.09 million ounces of gold and 100 million pounds of copper.

The company continues to be on track to achieve 2021 guidance, with the Africa and Middle East as well as Latin America and Asia Pacific regions trending to the top end of their regional gold guidance and North America to the bottom end.

The average market price for gold in the quarter was $1,790 per ounce, while the average market price for copper was $4.25 per pound.

Preliminary gold production in the third quarter was higher than the previous quarter’s level of 1.04 million ounces, with improved performance at Nevada Gold Mines following planned maintenance shutdowns in the previous quarter. The continuing ramp-up of operations at Bulyanhulu and better performance at Veladero also contributed to the upside.

Third-quarter gold cost of sales per ounce and total cash costs per ounce is forecast to be flat to 2% higher. All-in sustaining costs per ounce are projected to be 4-6% lower than second-quarter levels.

The preliminary third-quarter copper production was higher than the previous quarter’s tally. The fourth quarter is expected to be the strongest quarter of the year, primarily driven by higher grades from Lumwana, Barrick noted. Third-quarter copper cost of sales per pound is forecast to be 5-7% higher, C1 cash costs per pound are expected to be flat to 2% higher and copper all-in sustaining costs per pound are projected to be 4-6% lower than the previous quarter’s figures.

Shares of Barrick have declined 29.5% in the past year compared with a 24% fall of the industry.

Zacks Investment Research
Zacks Investment Research

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Zacks Rank & Key Picks

Barrick currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, The Chemours Company CC and Olin Corporation OLN.

Nucor has a projected earnings growth rate of around 581.1% for the current year. The company’s shares have soared 113.3% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Chemours has an expected earnings growth rate of around 86.4% for the current year. The company’s shares have gained 42.7% in the past year. It currently carries a Zacks Rank #2 (Buy).

Olin has an expected earnings growth rate of around 662.2% for the current year. The company’s shares have surged 205.3% in the past year. It currently flaunts a Zacks Rank #1.


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Nucor Corporation (NUE) : Free Stock Analysis Report

Barrick Gold Corporation (GOLD) : Free Stock Analysis Report

Olin Corporation (OLN) : Free Stock Analysis Report

The Chemours Company (CC) : Free Stock Analysis Report

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Zacks Investment Research

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