(Reuters) -Barrick Gold Corp on Thursday reported a fall in third-quarter gold output from the previous quarter and said it expects full-year gold production to be at the low end of the range it forecast earlier.
The world’s second-largest gold miner warned in August it could exceed its gold production cost guidance as miners battle with inflation and rising costs of labor, energy and mining supplies.
Barrick earlier this year forecast 2022 gold production of 4.2 million to 4.6 million ounces.
For the third quarter, it reported total preliminary gold production of 988,000 ounces compared with 1.04 million ounces in the second quarter.
It said its third-quarter gold output fell due to weak production from its Veladero, Carlin and Turquoise Ridge mines.
Copper production rose 2.5% to 123 million pounds, driven by strong performance at its Lumwana mine.
Barrick said the average realized price for the precious metal during the quarter was $1,729 per ounce, down from $1,871 per ounce in the second quarter.
(Reporting by Ruhi Soni in Bengaluru; Editing by Shinjini Ganguli)
