Nov 2, 2023
Gold production growth comes from cost discipline: Barrick Gold CEO
, BNN Bloomberg
Barrick CEO sees big growth ahead without having to rely on the markets or M&A
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Barrick Gold Corp. exceeded analyst expectations by producing more gold at a lower cost in its latest quarter and the company’s chief executive offer says it’s because of their disciplined approach to cost management.
“When you grow your production it’s much easier to drop your costs, and that’s what we’ve been able to do,” CEO Mark Bristol told BNN Bloomberg in a television interview on Thursday.
The gold giant successfully lowered its production costs for each quarter in 2023 so far and is on track to do so in the fourth-quarter. However, it forecasted that its gold production will be marginally below its annual guidance range.
“We’re going to be just under the bottom of that guidance, despite the growth all the way through the quarter, and the reason for that is a slower ramp up at the (Pueblo Viejo) expansion,” Bristol said, referencing a Barrick mine in the Dominican Republic.
He added that the Pueblo Viejo mine was still a large contributor to overall production, even though the delays contributed to the year-end production forecast miss.
As for the path ahead, Bristol said Barrick will continue to look for new growth strategies.
“Our robust balance sheet secures Barrick’s capacity to continue to invest in growth projects, both new and existing,” he said.
“When you grow your production it’s much easier to drop your costs, and that’s what we’ve been able to do,” CEO Mark Bristol told BNN Bloomberg in a television interview on Thursday.
The gold giant successfully lowered its production costs for each quarter in 2023 so far and is on track to do so in the fourth-quarter. However, it forecasted that its gold production will be marginally below its annual guidance range.
“We’re going to be just under the bottom of that guidance, despite the growth all the way through the quarter, and the reason for that is a slower ramp up at the (Pueblo Viejo) expansion,” Bristol said, referencing a Barrick mine in the Dominican Republic.
He added that the Pueblo Viejo mine was still a large contributor to overall production, even though the delays contributed to the year-end production forecast miss.
As for the path ahead, Bristol said Barrick will continue to look for new growth strategies.
“Our robust balance sheet secures Barrick’s capacity to continue to invest in growth projects, both new and existing,” he said.
