Barrick Gold ABX produced gold less than expected in the third quarter due to lower production at its Carlin and Cortez mines in Nevada, the Canadian miner said Wednesday.
The Carlin and Cortez mines are part of Nevada Gold Mines, Barrick’s joint venture with US rival Newmont 
NOT.
Nevada Gold Mines’ total gold production fell to 385,000 ounces in the July-September quarter, compared with 401,000 ounces in the previous three months.
But Barrick, the world’s second-largest gold producer, expects a “materially stronger fourth quarter.” The company said the operational expansion of the Carlin mine, completed during the third-quarter close, will support increased production and recoveries in the final quarter of the year.
Preliminary total gold production was 943,000 ounces in the third quarter, compared to analysts’ estimates of 975,000 ounces, according to data compiled by LSEG.
For gold, Barrick expects at least a 2% quarter-on-quarter increase in all-in sustaining costs, an industry metric used to express total expenses.
Preliminary copper production was 48,000 tonnes, up 11.6% from the second quarter, driven by higher production from the Lumwana mine in Zambia.
Tanya Jakusconek, an analyst at Scotiabank, said Barrick’s gold and copper production would need to rise nearly 30% quarter-on-quarter to reach the midpoint of its outlook. “We view these results as slightly negative for stocks”
Barrick shares fell nearly 1% to $27.63. The company expects to produce 3.9 to 4.3 million ounces of gold and 180,000 to 210,000 tonnes of copper in 2024.
Third quarter results are scheduled to be released on November 7.
Analysts expect Barrick to post adjusted earnings of 35 cents per share versus 24 cents a year earlier, thanks to a surge in gold prices due to interest rate cuts and demand for safe-haven assets.
