Preliminary gold production for the full year of 4.44 million ounces was within the 4.4 to 4.7 million ounce guidance1 range, with both the Africa & Middle East and Latin America & Asia Pacific regions finishing the year at the higher end of their regional gold guidance range.
The preliminary Q4 results show sales for the quarter of 1.23 million ounces of gold and 113 million pounds of copper, as well as preliminary Q4 production of 1.20 million ounces of gold and 126 million pounds of copper.
Q4 gold cost of sales per ounce2 is expected to be 3-5% lower than Q3 2021, total cash costs per ounce3 are expected to be 1-3% lower than the prior quarter, and gold all-in sustaining costs per ounce3 are expected to be 4-6% lower than in Q3 2021.
Q4 copper cost of sales per pound2 is expected to be 13-15% lower and Q4 copper C1 cash costs per pound3 are expected to be 11-13% lower, while copper all-in sustaining costs per pound3 are expected to be 11-13% higher than Q3 2021 due to higher capital expenditures at Lumwana, primarily related to new mining equipment and stripping.
President and CEO Mark Bristow will host a virtual presentation on the results that day at 11:00 EST / 16:00 GMT, with an interactive webinar linked to a conference call.
Porgera was placed on temporary care and maintenance in April 2020 and was not included in our full year 2021 guidance.
Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the World Gold Council .
All-in sustaining costs start with total cash costs and include sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization.
We believe that our use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis.
Total cash costs per ounce, all-in sustaining costs and all-in costs are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.
Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the exchange transaction with i-80 Gold Corp.
Actual reported full year and fourth quarter production levels, sales and associated costs are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies.
Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
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