05/04/2022 | Press release | Distributed by Public on 05/04/2022 04:40
Summary of Operations | ||||||||||||
For the three months ended March 31, | 2022 | 2021 | ||||||||||
Gold produced (000s ozs 100% basis) | Gold produced (000s ozs attributable share) | Gold sold (000s ozs attributable share) | Total costs of sales ($/oz) | Total cash costs ($/oz)1 | All-In sustaining costs ($/oz)1 | Gold produced (000s ozs 100% basis) | Gold produced (000s ozs attributable share) | Gold sold (000s ozs attributable share) | Total costs of sales ($/oz) | Total cash costs ($/oz)1 | All-In sustaining costs ($/oz)1 | |
Carlin (61.5%)2 | 373 | 229 | 230 | 1,015 | 829 | 1,139 | 373 | 229 | 231 | 950 | 766 | 1,045 |
Cortez (61.5%) | 187 | 115 | 118 | 1,113 | 784 | 1,150 | 163 | 100 | 102 | 1,251 | 860 | 1,203 |
Turquoise Ridge (61.5%) | 109 | 67 | 64 | 1,436 | 1,030 | 1,281 | 149 | 92 | 92 | 1,007 | 647 | 741 |
Phoenix (61.5%) | 37 | 23 | 21 | 2,253 | 835 | 1,027 | 41 | 25 | 24 | 2,051 | 346 | 530 |
Long Canyon (61.5%) | 41 | 25 | 25 | 1,093 | 342 | 366 | 63 | 39 | 39 | 511 | 79 | 156 |
Nevada Gold Mines LLC (61.5%)3 | 747 | 459 | 458 | 1,169 | 820 | 1,118 | 789 | 485 | 488 | 1,047 | 686 | 932 |
Hemlo | 31 | 31 | 31 | 1,727 | 1,503 | 1,982 | 47 | 47 | 47 | 1,610 | 1,324 | 1,840 |
North America | 778 | 490 | 489 | 1,205 | 863 | 1,173 | 836 | 532 | 535 | 1,097 | 742 | 1,013 |
Pueblo Viejo (60%) | 174 | 104 | 104 | 1,077 | 682 | 948 | 229 | 137 | 141 | 816 | 507 | 689 |
Veladero (50%) | 92 | 46 | 39 | 1,348 | 847 | 1,588 | 64 | 32 | 31 | 1,151 | 736 | 2,104 |
Porgera (47.5%)4 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 |
Latin America & Asia Pacific | 266 | 150 | 143 | 1,176 | 728 | 1,133 | 293 | 169 | 172 | 903 | 548 | 954 |
Loulo-Gounkoto (80%) | 172 | 138 | 137 | 1,088 | 721 | 982 | 193 | 154 | 151 | 974 | 608 | 920 |
Kibali (45%) | 168 | 76 | 73 | 1,137 | 744 | 996 | 192 | 86 | 86 | 1,065 | 691 | 856 |
Tongon (89.7%) | 39 | 35 | 38 | 2,036 | 1,667 | 1,803 | 54 | 48 | 48 | 1,510 | 995 | 1,062 |
North Mara (84%) | 66 | 56 | 58 | 852 | 709 | 874 | 74 | 62 | 56 | 1,061 | 832 | 1,038 |
Bulyanhulu (84%) | 53 | 45 | 55 | 1,216 | 847 | 984 | 39 | 33 | 28 | 1,211 | 865 | 957 |
Buzwagi (84%) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 20 | 17 | 17 | 1,486 | 1,450 | 1,467 |
Africa & Middle East | 498 | 350 | 361 | 1,178 | 842 | 1,053 | 572 | 400 | 386 | 1,114 | 763 | 968 |
Total Gold | 1,542 | 990 | 993 | 1,190 | 832 | 1,164 | 1,701 | 1,101 | 1,093 | 1,073 | 716 | 1,018 |
For the three months ended March 31, | 2022 | 2021 | ||||||||||
Copper produced (Mlbs 100% basis) | Copper produced (Mlbs attributable share) | Copper sold (Mlbs attributable share) | Total costs of sales ($/lb) | C1 cash costs ($/lb)5 | All-In sustaining costs ($/lb)5 | Copper produced (Mlbs 100% basis) | Copper produced (Mlbs attributable share) | Copper sold (Mlbs attributable share) | Total costs of sales ($/lb) | C1 cash costs ($/lb)5 | All-In sustaining costs ($/lb)5 | |
Zaldívar (50%) | 51 | 25 | 26 | 2.85 | 2.15 | 2.64 | 48 | 24 | 27 | 3.03 | 2.25 | 2.47 |
Lumwana | 57 | 57 | 70 | 2.20 | 1.86 | 3.16 | 51 | 51 | 69 | 1.97 | 1.48 | 2.37 |
Jabal Sayid (50%) | 38 | 19 | 17 | 1.30 | 1.10 | 1.17 | 36 | 18 | 17 | 1.21 | 1.06 | 1.22 |
Total Copper | 146 | 101 | 113 | 2.21 | 1.81 | 2.85 | 135 | 93 | 113 | 2.11 | 1.60 | 2.26 |
1 Total cash costs per ounce and all-in sustaining costs per ounce are non-GAAP financial performance measures with no standard meaning under IFRS. For further information, please see endnote #1. | ||||||||||||
2 These results include NGM's interest in South Arturo. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold Corp. to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM's 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the Exchange Agreement which closed on October 14, 2021. Refer to our Q1 2022 Report for further information. | ||||||||||||
3 These results represent our 61.5% interest in Carlin (including NGM's interest in South Arturo), Cortez, Turquoise Ridge, Phoenix and Long Canyon. | ||||||||||||
4 On April 25, 2020, Porgera was placed on care and maintenance after the Government of Papua New Guinea communicated on April 24, 2020 that the Special Mining Lease would not be extended. Refer to our Q1 2022 Report for further information. | ||||||||||||
5 C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial performance measures with no standard meaning under IFRS. For further information, please see endnote #2. | ||||||||||||
BARRICK FIRST QUARTER 2022 | 1 | MINE STATISTICS |
Mine Statistics (Gold) | ||||||||||||||
Carlin (61.5%)1 | Cortez (61.5%) | Turquoise Ridge (61.5%) | Phoenix (61.5%) | Long Canyon (61.5%) | Nevada Gold Mines LLC (61.5%)2 | Hemlo | ||||||||
For the three months ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
Tonnes mined (thousands) | 18,634 | 18,898 | 17,895 | 20,923 | 211 | 3,569 | 6,361 | 6,822 | 2,330 | 3,945 | 45,431 | 54,157 | 330 | 319 |
Open Pit Ore | 957 | 882 | 1,623 | 1,818 | - 0 | 1,158 | 2,753 | 3,286 | 773 | 1,026 | 6,106 | 8,170 | n/a | n/a |
Open Pit Waste | 16,841 | 17,215 | 15,994 | 18,800 | - 0 | 2,215 | 3,608 | 3,536 | 1,557 | 2,919 | 38,000 | 44,685 | n/a | n/a |
Underground | 836 | 801 | 278 | 305 | 211 | 196 | n/a | n/a | n/a | n/a | 1,325 | 1,302 | 330 | 319 |
Strip Ratio | 17.60 | 19.52 | 9.85 | 10.34 | n/a | 1.91 | 1.31 | 1.08 | 2.02 | 2.85 | 6.22 | 5.47 | n/a | n/a |
Cost per tonne mined ($/tonne)3 | ||||||||||||||
Open Pit | 2.32 | 2.02 | 2.67 | 1.90 | n/a | 2.66 | 2.72 | 2.29 | 2.72 | 2.18 | 2.54 | 2.06 | n/a | n/a |
Underground | 105.34 | 95.66 | 101.96 | 75.82 | 168.18 | 145.85 | n/a | n/a | n/a | n/a | 114.65 | 98.56 | 115.45 | 127.65 |
Tonnes processed (thousands) | 2,973 | 3,026 | 2,014 | 2,335 | 539 | 967 | 2,776 | 2,558 | 773 | 1,139 | 9,075 | 10,025 | 272 | 453 |
Oxide Mill | 593 | 749 | 664 | 556 | 93 | 105 | 1,604 | 1,761 | n/a | n/a | 2,954 | 3,171 | 272 | 453 |
Roasters | 1,122 | 1,058 | 272 | 339 | n/a | n/a | n/a | n/a | n/a | n/a | 1,394 | 1,397 | n/a | n/a |
Autoclave | 540 | 525 | n/a | n/a | 446 | 668 | n/a | n/a | n/a | n/a | 986 | 1,193 | n/a | n/a |
Heap Leach | 718 | 694 | 1,078 | 1,440 | - 0 | 194 | 1,172 | 797 | 773 | 1,139 | 3,741 | 4,264 | n/a | n/a |
Cost per tonne processed ($/tonne)3 | ||||||||||||||
Oxide Mill | 21.22 | 16.85 | 11.36 | 13.24 | 14.23 | 9.56 | 11.24 | 8.99 | n/a | n/a | 13.37 | 11.61 | 24.11 | 15.37 |
Roasters | 27.72 | 24.12 | 27.51 | 37.85 | n/a | n/a | n/a | n/a | n/a | n/a | 27.68 | 27.44 | n/a | n/a |
Autoclave | 43.90 | 48.23 | n/a | n/a | 60.28 | 28.06 | n/a | n/a | n/a | n/a | 51.30 | 36.97 | n/a | n/a |
Heap Leach | 8.12 | 6.31 | 4.28 | 2.41 | - 0 | 4.60 | 1.70 | 3.14 | 0.97 | 0.80 | 3.72 | 2.85 | n/a | n/a |
G&A cost per tonne processed ($/tonne)3 | 6.10 | 5.11 | 4.33 | 3.81 | 11.77 | 6.31 | 1.49 | 1.61 | 1.04 | 1.11 | 4.20 | 3.64 | 9.04 | 10.53 |
Average grade (grams per tonne)4 | ||||||||||||||
Open Pit mined | 0.97 | 0.95 | 1.01 | 0.84 | n/a | 1.87 | 0.41 | 0.54 | 1.12 | 2.58 | 0.75 | 1.09 | n/a | n/a |
Underground mined | 7.87 | 8.75 | 9.17 | 8.51 | 11.87 | 11.64 | n/a | n/a | n/a | n/a | 8.79 | 9.22 | 3.89 | 5.86 |
Processed | 3.39 | 3.49 | 1.76 | 1.81 | 4.65 | 3.42 | 0.36 | 0.42 | 1.12 | 2.33 | 1.98 | 2.18 | 3.61 | 3.28 |
Recovery rate (percent) | 77% | 78% | 80% | 81% | 79% | 82% | 70% | 68% | n/a | n/a | 77% | 79% | 95% | 94% |
Oxide Mill5 | n/a | n/a | 72% | 77% | 79% | 87% | 70% | 68% | n/a | n/a | 71% | 74% | 95% | 94% |
Roasters | 85% | 86% | 87% | 84% | n/a | n/a | n/a | n/a | n/a | n/a | 85% | 86% | n/a | n/a |
Autoclave | 46% | 45% | n/a | n/a | 79% | 81% | n/a | n/a | n/a | n/a | 65% | 68% | n/a | n/a |
Production (thousands of ounces) | 229 | 229 | 115 | 100 | 67 | 92 | 23 | 25 | 25 | 39 | 459 | 485 | 31 | 47 |
Oxide Mill | 9 | 7 | 35 | 36 | 3 | 5 | 23 | 23 | n/a | n/a | 70 | 71 | 31 | 47 |
Roasters | 183 | 188 | 49 | 53 | n/a | n/a | n/a | n/a | n/a | n/a | 232 | 241 | n/a | n/a |
Autoclave | 25 | 25 | n/a | n/a | 62 | 84 | n/a | n/a | n/a | n/a | 87 | 109 | n/a | n/a |
Heap Leach | 12 | 9 | 31 | 11 | 2 | 3 | n/a | 2 | 25 | 39 | 70 | 64 | n/a | n/a |
Sales (thousands of ounces) | 230 | 231 | 118 | 102 | 64 | 92 | 21 | 24 | 25 | 39 | 458 | 488 | 31 | 47 |
Cost of sales per ounce ($/oz) | 1,015 | 950 | 1,113 | 1,251 | 1,436 | 1,007 | 2,253 | 2,051 | 1,093 | 511 | 1,169 | 1,047 | 1,727 | 1,610 |
Costs per ounce ($/oz) | ||||||||||||||
Royalties and production taxes | 33 | 24 | 104 | 72 | - | - | - | - | - | - | 43 | 27 | 143 | 313 |
Depreciation | 185 | 182 | 323 | 388 | 402 | 342 | 523 | 518 | 750 | 432 | 305 | 298 | 202 | 275 |
Total cash costs6 | 829 | 766 | 784 | 860 | 1,030 | 647 | 835 | 346 | 342 | 79 | 820 | 686 | 1,503 | 1,324 |
All-in sustaining costs6 | 1,139 | 1,045 | 1,150 | 1,203 | 1,281 | 741 | 1,027 | 530 | 366 | 156 | 1,118 | 932 | 1,982 | 1,840 |
Capital expenditures ($ millions)7 | ||||||||||||||
Minesite sustaining6 | 69 | 61 | 41 | 33 | 16 | 9 | 3 | 4 | - | 2 | 130 | 113 | 13 | 22 |
Projects6 | - | - | 12 | 10 | 6 | 11 | - | - | - | - | 30 | 21 | - | - |
Total capital expenditures ($ millions)7 | 69 | 61 | 53 | 43 | 22 | 20 | 3 | 4 | - | 2 | 160 | 134 | 13 | 22 |
1 These results include NGM's interest in South Arturo. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold Corp. to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM's 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the Exchange Agreement which closed on October 14, 2021. Refer to our Q1 2022 Report for further information. | ||||||||||||||
2 These results represent our 61.5% interest in Carlin (including NGM's interest in South Arturo), Cortez, Turquoise Ridge, Phoenix and Long Canyon. | ||||||||||||||
3 Cost per tonne mined ($/tonne), cost per tonne processed ($/tonne) and G&A cost per tonne processed ($/tonne) are supplementary financial measures. For further information please refer to endnote #4 | ||||||||||||||
4 At Phoenix, stated grades relate to material slated for processing at the oxide mill. | ||||||||||||||
5 Excludes the Gold Quarry (Mill 5) concentrator. | ||||||||||||||
6 Total cash costs per ounce, all-in sustaining costs per ounce, minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial performance measures with no standard meaning under IFRS. For further information please refer to endnotes #1 and #3. | ||||||||||||||
7 Capital expenditures are presented on a cash basis and are reported at Barrick's share. | ||||||||||||||
BARRICK FIRST QUARTER 2022 | 2 | MINE STATISTICS |
Mine Statistics (Gold) | ||||||
Pueblo Viejo (60%) | Veladero (50%) | Porgera (47.5%)1 | ||||
For the three months ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
Tonnes mined (thousands) | 4,318 | 6,636 | 7,886 | 9,550 | - | - |
Open Pit Ore | 1,199 | 2,137 | 2,606 | 1,311 | - | - |
Open Pit Waste | 3,119 | 4,499 | 5,280 | 8,239 | - | - |
Underground | n/a | n/a | n/a | n/a | - | - |
Strip Ratio | 2.60 | 2.11 | 2.03 | 6.28 | - | - |
Cost per tonne mined ($/tonne)2 | ||||||
Open Pit | 3.43 | 2.59 | 4.15 | 2.89 | - | - |
Underground | n/a | n/a | n/a | n/a | - | - |
Tonnes processed (thousands) | 1,511 | 1,349 | 3,506 | 1,305 | - | - |
Autoclave | 1,511 | 1,349 | n/a | n/a | - | - |
Heap Leach | n/a | n/a | 3,506 | 1,305 | - | - |
Cost per tonne processed ($/tonne)2 | ||||||
Autoclave | 36.42 | 37.06 | n/a | n/a | - | - |
Heap Leach | n/a | n/a | 3.95 | 6.81 | - | - |
G&A cost per tonne processed ($/tonne)2 | 5.82 | 6.11 | 2.30 | 2.62 | - | - |
Average grade (grams per tonne) | ||||||
Open Pit mined | 2.46 | 2.46 | 0.80 | 0.78 | - | - |
Underground mined | n/a | n/a | n/a | n/a | - | - |
Processed | 2.47 | 3.55 | 0.67 | 0.85 | - | - |
Recovery rate (percent) | 87% | 88% | n/a | n/a | - | - |
Autoclave | 87% | 88% | n/a | n/a | - | - |
Production (thousands of ounces) | 104 | 137 | 46 | 32 | - | - |
Autoclave | 104 | 137 | n/a | n/a | - | - |
Heap Leach | n/a | n/a | 46 | 32 | - | - |
Sales (thousands of ounces) | 104 | 141 | 39 | 31 | - | - |
Cost of sales per ounce ($/oz) | 1,077 | 816 | 1,348 | 1,151 | - | - |
Costs per ounce | ||||||
Royalties and production taxes | 62 | 60 | 176 | 205 | - | - |
Depreciation | 333 | 263 | 481 | 369 | - | - |
Total cash costs3 | 682 | 507 | 847 | 736 | - | - |
All-in sustaining costs3 | 948 | 689 | 1,588 | 2,104 | - | - |
Capital expenditures ($ millions)4 | ||||||
Minesite sustaining3 | 26 | 24 | 28 | 41 | - | - |
Projects3 | 47 | 35 | 8 | - | - | - |
Total capital expenditures ($ millions)4 | 73 | 59 | 36 | 41 | - | - |
1 On April 25, 2020, Porgera was placed on care and maintenance after the Government of Papua New Guinea communicated on April 24, 2020 that the Special Mining Lease would not be extended. Refer to our Q1 2022 Report for further information. | ||||||
2 Cost per tonne mined ($/tonne), cost per tonne processed ($/tonne) and G&A cost per tonne processed ($/tonne) are supplementary financial measures. For further information please refer to endnote #4. | ||||||
3 Total cash costs per ounce, all-in sustaining costs per ounce, minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial performance measures with no standard meaning under IFRS. For further information, please refer to endnotes #1 and #3. | ||||||
4 Capital expenditures are presented on a cash basis and are reported at Barrick's share. | ||||||
BARRICK FIRST QUARTER 2022 | 3 | MINE STATISTICS |
Mine Statistics (Gold) | ||||||||||||
Loulo-Gounkoto (80%) | Kibali (45%) | Tongon (89.7%) | North Mara (84%) | Bulyanhulu (84%) | Buzwagi (84%) | |||||||
For the three months ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
Tonnes mined (thousands) | 9,325 | 9,009 | 3,806 | 3,409 | 9,514 | 6,573 | 1,412 | 248 | 231 | 125 | - | n/a |
Open Pit Ore | 735 | 149 | 376 | 261 | 435 | 488 | 709 | n/a | n/a | n/a | - | n/a |
Open Pit Waste | 7,797 | 8,313 | 3,079 | 2,694 | 9,079 | 6,085 | 379 | n/a | n/a | n/a | - | n/a |
Underground | 793 | 547 | 351 | 454 | n/a | n/a | 324 | 248 | 231 | 125 | - | n/a |
Strip Ratio | 10.61 | 55.79 | 8.19 | 10.32 | 20.87 | 12.47 | 0.53 | n/a | n/a | n/a | - | n/a |
Cost per tonne mined ($/tonne)1 | ||||||||||||
Open Pit | 3.07 | 3.00 | 3.51 | 3.64 | 3.22 | 3.34 | 6.83 | n/a | n/a | n/a | - | n/a |
Underground | 41.92 | 52.55 | 55.98 | 39.11 | n/a | n/a | 57.09 | 76.14 | 98.38 | 101.41 | - | n/a |
Tonnes processed (thousands) | 995 | 984 | 781 | 894 | 912 | 964 | 598 | 642 | 193 | 110 | - | 827 |
Cost per tonne processed ($/tonne)1 | 22.81 | 19.82 | 20.41 | 16.75 | 21.96 | 19.33 | 22.27 | 15.66 | 55.52 | 60.19 | - | 16.86 |
G&A cost per tonne processed ($/tonne)1 | 8.88 | 8.92 | 9.26 | 7.98 | 4.34 | 5.89 | 15.17 | 11.45 | 28.98 | 42.05 | - | 2.98 |
Average grade (grams per tonne) | ||||||||||||
Open Pit mined | 1.73 | 2.82 | 1.43 | 2.55 | 1.56 | 2.25 | 2.13 | n/a | n/a | n/a | - | n/a |
Underground mined | 4.91 | 4.61 | 5.88 | 5.18 | n/a | n/a | 5.84 | 3.94 | 8.25 | 9.78 | - | n/a |
Processed2 | 4.74 | 5.38 | 3.37 | 3.33 | 1.44 | 1.82 | 3.31 | 3.31 | 7.76 | 9.90 | - | 0.72 |
Recovery rate (percent) | 91% | 91% | 89% | 90% | 83% | 85% | 88% | 90% | 92% | 94% | - | 87% |
Production (thousands of ounces) | 138 | 154 | 76 | 86 | 35 | 48 | 56 | 62 | 45 | 33 | - | 17 |
Sales (thousands of ounces) | 137 | 151 | 73 | 86 | 38 | 48 | 58 | 56 | 55 | 28 | - | 17 |
Cost of sales per ounce ($/oz) | 1,088 | 974 | 1,137 | 1,065 | 2,036 | 1,510 | 852 | 1,061 | 1,216 | 1,211 | - | 1,486 |
Costs per ounce | ||||||||||||
Royalties and production taxes | 113 | 107 | 86 | 85 | 75 | 53 | 150 | 152 | 134 | 140 | - | 117 |
Depreciation | 367 | 366 | 388 | 370 | 366 | 515 | 138 | 222 | 261 | 351 | - | 65 |
Total cash costs3 | 721 | 608 | 744 | 691 | 1,667 | 995 | 709 | 832 | 847 | 865 | - | 1,450 |
All-in sustaining costs3 | 982 | 920 | 996 | 856 | 1,803 | 1,062 | 874 | 1,038 | 984 | 957 | - | 1,467 |
Capital expenditures ($ millions)4 | ||||||||||||
Minesite sustaining3 | 33 | 43 | 15 | 11 | 4 | 2 | 7 | 11 | 7 | 2 | - | - |
Projects3 | 18 | 12 | 4 | - | - | - | 11 | 5 | 4 | 9 | - | - |
Total capital expenditures ($ millions)4 | 51 | 55 | 19 | 11 | 4 | 2 | 18 | 16 | 11 | 11 | - | - |
1 Cost per tonne mined ($/tonne), cost per tonne processed ($/tonne) and G&A cost per tonne processed ($/tonne) are supplementary financial measures. For further information please refer to endnote #4. | ||||||||||||
2 Includes stockpile processing for Buzwagi. | ||||||||||||
3 Total cash costs per ounce, all-in sustaining costs per ounce, minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial performance measures with no standard meaning under IFRS. For further information, please refer to endnotes #1 and #3. | ||||||||||||
4 Capital expenditures are presented on a cash basis and are reported at Barrick's share. | ||||||||||||
BARRICK FIRST QUARTER 2022 | 4 | MINE STATISTICS |
Mine Statistics (Copper) | ||||||||
Copper - Total | Lumwana | Zaldívar (50%) | Jabal Sayid (50%) | |||||
For the three months ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
Tonnes mined (thousands) | 28,666 | 29,212 | 18,645 | 19,113 | 9,633 | 9,770 | 388 | 329 |
Open Pit Ore | 9,752 | 11,458 | 4,566 | 6,357 | 5,186 | 5,101 | n/a | n/a |
Open Pit Waste | 18,526 | 17,425 | 14,079 | 12,756 | 4,447 | 4,669 | n/a | n/a |
Underground | 388 | 329 | n/a | n/a | n/a | n/a | 388 | 329 |
Strip Ratio | 1.90 | 1.52 | 3.08 | 2.01 | 0.86 | 0.92 | n/a | n/a |
Tonnes processed (thousands) | 9,776 | 11,107 | 5,785 | 6,355 | 3,636 | 4,413 | 355 | 339 |
Average grade | 0.63% | 0.62% | 0.48% | 0.44% | 0.53% | 0.52% | 2.64% | 2.68% |
Recovery rate (percent) | 94% | 94% | 94% | 92% | n/a | n/a | 93% | 93% |
Production (millions of pounds) | 101 | 93 | 57 | 51 | 25 | 24 | 19 | 18 |
Sales (millions of pounds) | 113 | 113 | 70 | 69 | 26 | 27 | 17 | 17 |
Cost of sales per pound ($/lb) | 2.21 | 2.11 | 2.20 | 1.97 | 2.85 | 3.03 | 1.30 | 1.21 |
Costs per pound | ||||||||
C1 Cash Costs1 | 1.81 | 1.60 | 1.86 | 1.48 | 2.15 | 2.25 | 1.10 | 1.06 |
Depreciation | 0.54 | 0.64 | 0.54 | 0.69 | 0.70 | 0.78 | 0.28 | 0.18 |
All-in sustaining costs1 | 2.85 | 2.26 | 3.16 | 2.37 | 2.64 | 2.47 | 1.17 | 1.22 |
Capital expenditures ($ millions)2 | ||||||||
Minesite sustaining1 | 67 | 42 | 57 | 37 | 9 | 3 | 1 | 2 |
Projects1 | 8 | 11 | - | - | 6 | 11 | 2 | - |
Total capital expenditures ($ millions)2 | 75 | 53 | 57 | 37 | 15 | 14 | 3 | 2 |
1 C1 cash costs per pound, all-in sustaining costs per pound, minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial performance measures with no standard meaning under IFRS. For further information, please refer to endnotes #2 and #3. | ||||||||
2 Capital expenditures are presented on a cash basis and are reported at Barrick's share. | ||||||||
BARRICK FIRST QUARTER 2022 | 5 | MINE STATISTICS |
TECHNICAL INFORMATION | ||
The scientific and technical information contained in this document has been reviewed and approved by Craig Fiddes, SME-RM, Manager - Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa & Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Technical Advisor to Barrick - each a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2021. | ||
ENDNOTE #1 | ||
""Total cash costs" per ounce and "All-in sustaining costs" per ounce are non-GAAP financial performance measures. "Total cash costs" start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. "All-in sustaining costs" start with "total cash costs" and includes minesite sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. "Total cash costs" per ounce and "All-in sustaining costs" per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details including a detailed reconciliation on these non-GAAP measures to their most directly comparable financial measures disclosed in Barrick's financial statements are incorporated by reference and provided starting on page #SectionPage# in the Fourth Quarter and Year End 2021 Report filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. | ||
ENDNOTE #2 | ||
"C1 cash costs" per pound and "All-in sustaining costs" per pound are non-GAAP financial performance measures. "C1 cash costs" per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. "All-in sustaining costs" per pound begins with "C1 cash costs" per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general & administrative costs and royalties. Barrick believes that the use of "C1 cash costs" per pound and "all-in sustaining costs" per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "C1 cash costs" per pound and "All-in sustaining costs" per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details including a detailed reconciliation of these non-GAAP measures to their most directly comparable financial measures disclosed in Barrick's financial statements are incorporated by reference and provided starting on page #SectionPage# in the Fourth Quarter and Year End 2021 Report filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. | ||
ENDNOTE #3 | ||
"Minesite sustaining capital expenditures" and "project capital expenditures" are non-GAAP financial performance measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are incorporated by reference and provided starting on page #SectionPage# in the Fourth Quarter and Year End 2021 Report filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. | ||
ENDNOTE #4 | ||
"Cost per tonne mined ($/tonne)", "Cost per tonne processed ($/tonne)" and "G&A cost per tonne processed ($/tonne)" are supplementary financial measures. These metrics provide a measure of period operating costs, before capitalization of waste stripping and allocation to inventory, divided by the number of tonnes mined/processed in the period. | ||
BARRICK FIRST QUARTER 2022 | 6 | MINE STATISTICS |