Precious Metals
November 28, 2024
2 min
Precious Metals
In Q3 2024, gold producers displayed mixed results in both production and all-in sustaining costs (AISC) compared to the same period in 2023.
Gold Production Highlights
- Newmont Corporation led the pack with a 29.5% production increase, reaching 1.67 million ounces, up from 1.29 million ounces in Q3 2023. This growth stems from operational improvements and the acquisition of Newcrest Mining, which added key assets like the Cadia and Lihir mines.
- Barrick Gold Corp saw a 9.2% decline in output, producing 943,000 ounces. This drop was largely due to reduced production at the Nevada Gold Mines joint venture, particularly at the Carlin and Cortez mines. Despite higher costs and inflationary pressures, Barrick remains optimistic about stronger Q4 performance.
- Iamgold Corp posted an impressive 58.7% rise to 173,000 ounces, driven by strong performances at the Essakane and Westwood mines. The Côté Gold mine in Ontario, which began full production, contributed an additional 20,000 ounces.
- Torex Gold Resources Inc achieved a 39.9% increase, largely due to the efficient ramp-up of production at the El Limón-Guajes mine in Mexico.
- B2Gold Corp experienced a 25.7% production drop, producing 180,553 ounces, impacted by operational issues at its Fekola Mine in Mali, including equipment failures and weather disruptions. The company has revised its annual guidance downward.
AISC Trends
AISC, a key metric of operational efficiency, varied across producers:
- Newmont Corporation saw a 12.9% increase in AISC, now at $1,611/oz, due to inflation, labor strikes, and challenges at mines like Merian and Cerro Negro.
- Barrick Gold reported a 20.1% rise in AISC to $1,507/oz, driven by inflationary pressures on labor, energy, and materials, as well as costs tied to project ramp-ups.
- Torex Gold Resources Inc significantly reduced AISC by 24.1% to $1,101/oz, thanks to improved operational efficiency, higher gold prices, and effective cost management.
- Alamos Gold Inc lowered AISC by 27.1%, now at $1,425/oz, due to increased production and operational efficiencies at Island Gold and Mulatos, along with strong output from the new Magino Mine.
Source: Quarterly reports
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.
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