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Mining Production Updates Show Profit Rise Despite Production Drops in Argentina

1 report, 1 independent Updated Mon 00:00
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

Barrick Mining reported a rise in third-quarter profit, earning $1.32bn compared with $1.30bn a year earlier. This increase was supported by Barrick's average realized gold price rising 23% to $4,243/oz. Despite the price increase, gold production fell to 816,000 oz, partly due to extreme weather at the Veladero mine in Argentina and delays accessing higher-grade ore at North Mara in Tanzania. Production at Loulo-Gounkoto in Mali increased 16% quarter on quarter, and Kibali in the Democratic Republic of Congo recorded its highest quarterly production since late 2023.

From miningmx.com

Why it matters

Some supportBrind's analysis of the reports

The higher realized gold price, driven by strong central bank purchases and investor demand, boosted Barrick Mining's quarterly profit. Meanwhile, operational updates show increased output in Mali and Zambia, contrasting with supply disruptions caused by weather in Argentina and delays in Tanzania.

From miningmx.com

Who's involved

  • ZambiaLocation of the Lumwana copper expansion, which is reported to be on budget and on schedule.
  • ArgentinaLocation of the Veladero mine, where extreme weather caused production issues.
  • MaliLocation where production at Loulo-Gounkoto increased following a dispute with the government.
  • TanzaniaLocation of the North Mara mine, where delays accessing higher-grade ore impacted gold production.

Who could feel it

Possible knock-on effects

These are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.

  • ArgentinaSpeculative

    The extreme weather at the Veladero mine could affect the gold supply chain and commodity prices.

  • MaliSpeculative

    Increased production in Mali could boost commodity supply and revenue for the region.

  • TanzaniaSpeculative

    Operational disruptions at the North Mara mine could reduce national revenue and foreign investment confidence in Tanzania.

  • ZambiaSpeculative

    The on-budget copper expansion in Zambia could boost future copper supply and investment.

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The entities involved

Coverage

Newest first; wire copies grouped