Higher gold price lifts Barrick profit despite production decline - MiningMX

AI desk brief

Barrick reported third-quarter profit of $1.32bn versus $1.30bn a year earlier as its average realised gold price rose 23% to $4,243/oz, offsetting lower output. Gold production fell to 816,000 oz from 829,000 oz amid extreme weather at Veladero and delayed access to higher-grade ore at North Mara, which it expects to access in the fourth quarter. Loulo-Gounkoto output rose 16% quarter on quarter, with its ramp-up ahead of schedule. Barrick targets completion of its proposed North American gold-assets listing by year-end or January; these developments primarily affect the company, with no material directional bullion effect established.