Barrick (GOLD) Announces Q3 Preliminary Production Results

Barrick Gold Corporation GOLD has reported preliminary results for the third quarter of 2020.

In the third quarter, gold production and sales were 1.16 million ounces and 1.25 million ounces, respectively. The company realized average market price of $1,909 per ounce for gold. Further, group gold production totaled 3.6 million ounces for the first nine months of 2020. Barrick stated that it is on track to achieve its 2020 gold production guidance of 4.6-5 million ounces.

Gold production for the third quarter was sequentially higher than second-quarter level due to stronger performances from Carlin and Pueblo Viejo. Moreover, preliminary third-quarter gold sales slightly rose from the second quarter and also came in higher than third-quarter 2020 production levels, owing to export of the remaining stockpiled concentrate in Tanzania.

Barrick expects gold cost of sales per ounce for the third quarter to be in line with the second quarter. All-in sustaining cost (AISC) per ounce for gold is expected to be 5-7% lower than the second quarter.

The company also reported preliminary third-quarter production and sales for copper of 103 million pounds and 116 million pounds, respectively. Preliminary copper production and sales for the third quarter were both lower than the second quarter due to reduced throughput at Lumwana owing to plant maintenance. It expects third-quarter cost of sales per pound for copper to be 4-6% lower than the second quarter and AISC per pound for copper to be 6-8% higher than the prior quarter. Notably, Barrick is scheduled to report third-quarter 2020 results on Nov 5, before the opening bell.

Barrick’s shares have surged 63.8% in the past year compared with the industry’s 58.7% rally.

Zacks Rank & Other Key Picks

Barrick currently sports a Zacks Rank #1 (Strong Buy).

Other top-ranked stocks in the basic materials space include Brenntag AG BNTGY, Comstock Mining, Inc. LODE and Equinox Gold Corp. EQX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Brenntag has an expected earnings growth rate of 4.4% for 2020. The company’s shares have surged 35.3% in the past year.

Comstock Mining has an expected earnings growth rate of 370% for 2020. Its shares have returned 140.5% in the past year.

Equinox has an expected earnings growth rate of 148% for 2020. The company’s shares have gained 127.1% in the past year.

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