Yahoo Finance Barrick (GOLD) Looks for Gold and Copper Opportunities in DRC
Barrick Gold Corporation GOLD, inspired by the success of Kibali — Africa's largest gold mine — is poised to venture into fresh opportunities in gold and copper in collaboration with the government of the Democratic Republic of Congo (DRC).
During a media briefing at the mine site, Barrick expressed confidence in Kibali's trajectory for another year of substantial value creation, propelled by robust production performance. The mine is strategically positioned to replenish its gold resources with high-quality reserves as mining operations progress.
Barrick highlighted Kibali's pivotal role in revitalizing the once marginalized northeast region of the DRC into a thriving economic hub. Of the substantial $5-billion investment in the country, over half has been channeled into local contractors and suppliers. Barrick has actively nurtured the growth of these entities by fostering their commercial and technical capabilities, paving the way for their evolution into significant businesses. Notably, Kibali's third hydropower station stands as a testament to the capabilities of an all-Congolese team.
Barrick, which is among the prominent players in the gold mining space along with Newmont Corporation NEM, Agnico Eagle Mines Limited AEM and Kinross Gold Corporation KGC, stated that Kibali had recently collaborated with the ARSP, the regulatory body overseeing subcontracting in the country which have yielded promising initiatives, further bolstering Kibali's reputation for leading the industry in local content development.
Kibali is steadfast in its transition toward renewable energy, with plans underway to commission a 16MW solar plant and associated batteries in 2025. This initiative will elevate the mine's renewable energy usage from 81% to 85%, ensuring operations can rely solely on renewable power during the six-month rainy season.
For 2024, Barrick forecasts its attributable gold production to be between 3.9-4.3 million ounces, with anticipated all-in-sustaining cost (AISC) ranging between $1,320-$1,420 per ounce and cash costs per ounce projected at $940-$1,020. The company expects the cost of sales to be between $1,320-$1,420 per ounce. GOLD anticipates producing 180-210 thousand tons of copper, with AISC between $3.10-$3.40 per pound, cash costs per ounce ranging from $2-$2.30 and a cost of sales of $2.65-$2.95 per pound. Barrick's capital expenditures for 2024 are estimated in the range of $2,500-$2,900 million.
Another prominent gold miner, Newmont, anticipates attributable gold production of approximately 6.9 million ounces for 2024. NEM also projects gold costs applicable to sales (CAS) of $1,050 per ounce and AISC of $1,400 per.
In 2024, Agnico Eagle Mines expects to produce 3.35-3.55 million ounces of gold. AEM forecasts total cash costs per ounce to be within the range of $875 to $925, while AISC per ounce is projected to be between $1,200 and $1,250. Excluding capitalized exploration, capital expenditures for 2024 are anticipated to be in the range of $1.6 billion to $1.7 billion.
In 2024, Kinross Gold anticipates producing approximately 2.1 million gold equivalent ounces(+/- 5%), with a production cost of sales projected at $1,020 per gold equivalent ounce(+/- 5%), accounting for inflation and production mix variations. The company expects its all-in-sustaining cost per gold equivalent ounce to be $1,360 for the year. Capital expenditures for 2024 are predicted to be around $1,050 million(+/- 5%).
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Newmont Corporation (NEM) : Free Stock Analysis Report
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Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report
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