Barrick Gold Corp. says it is on track to achieve its full-year copper and gold guidance after it sold one million ounces of gold and 101 million pounds of copper in the second quarter, based on its preliminary results.

The sales came as preliminary second-quarter production figures totalled 1.01 million ounces of gold and 107 million pounds of copper. 

The mining giant says gold and copper production in 2023 is expected to increase, with the second half being higher than the first six months of the year.

Barrick says the average market price for gold in the second quarter was US$1,976 per ounce while the average market price for copper was US$3.84 per pound. 

It says the company’s realized copper price is expected to be three to five per cent below the average market price for the quarter, primarily as a result of provisional pricing adjustments.

Barrick is scheduled to report its full second-quarter results on Aug. 8.

This report by The Canadian Press was first published July 13, 2023.