Production results: Barrick achieves 2023 guidance, others follow suit
Brett Richards, president and CEO of new gold explorer GoldShore Resources, thinks a takeout of the company is possible within three years, as it seeks to move its recently acquired Moss Lake project in Ontario, Canada through pre-feasibility.
Barrick Gold has reported 2023 production of 4.05Moz of gold and 420Mlb of copper, in line with its guidance.
Output was boosted by a strong December quarter, its best of the year, particularly at Cortez and Phoenix in Nevada, USA, and Pueblo Viejo in Dominican Republic, offset planned lower production at Loulo-Gounkoto in Mali.
Barrick plans to release its 2023 results and 2024 guidance on February 14.
SSR Mining
SSR Mining has reported 2023 production of 706,900oz of gold equivalent, within its guidance, and a 13.3% improvement over 2022.
The company plans to release its 2023 results and 2024 guidance on February 21.
Aris Mining
Aris Mining reported 2023 gold production of 226,151oz, within its guidance range, although a 4.7% fall from 237,379oz in 2022. The company is guiding the production of 220,000-240,000oz in 2024. It is expanding the processing facility at its Segovia mine in Antioquia, Colombia, by 50% to 3,000tpd, with completion expected by early 2025. The first pour from its Marmato Lower Mine in Caldas, Colombia is expected in late 2025, which should lift its consolidated production to 500,000oz.
First Majestic Silver
First Majestic Silver reported production of 26.9Moz of silver equivalent in 2023 from its San Dimas, Santa Elena and La Encantada mines in Mexico, consisting of 10.3Moz of silver and 198,921oz of gold, meeting its guidance. Santa Elena produced a new annual record of 9.6Moz of silver equivalent, a 5% increase over 2022.
First Majestic provided 2024 production guidance of 21.1-23.5Moz of silver equivalent, with the decrease primarily due to the suspension of the Jerritt Canyon gold mine in Nevada, USA.
Orla Mining
Orla Mining produced 121,877oz in 2023 from its Camino Rojo oxide mine in Zacatecas, Mexico, including a record 34,484oz in the December quarter. During the quarter, Orla repaid US$25 million of its revolving credit facility, reducing the outstanding balance to $88.4 million. It also paid the final instalment of $22.8 million to Fresnillo as part of the Camino Rojo layback agreement. The company closed 2023 with cash of $96.6 million and debt of $88.4 million. In 2024, Orla has guided the production of 110,000-120,000oz.
Orla plans to release its 2023 results on March 20.
What's Your Reaction?
