Investment Rating - The industry rating is "Recommended" [7] Core Insights - In Q3 2024, gold production was 94.3 thousand ounces (29.33 tons), a year-on-year decrease of 8.45%, while copper production increased by 11.63% to 48 thousand tons [2][3] - The average market price for gold in Q3 2024 was $2,474 per ounce, up $546 year-on-year, and up $136 quarter-on-quarter [3] - The average market price for copper in Q3 2024 was $4.18 per pound, an increase of $0.39 year-on-year, but a decrease of $0.24 quarter-on-quarter [4] Summary by Sections Gold Production and Cost Changes - Gold production in Q3 2024 remained stable compared to Q2 2024, with the Pueblo Viejo plant showing a 23% increase in output. The North Mara site performed better due to improved ore grades [5] - Unit gold sales costs are expected to increase by 1% to 3%, total cash costs by 3% to 5%, and total sustaining costs by 0% to 2% compared to Q2 2024, partly due to higher royalties from increased gold prices [5] Copper Production and Cost Changes - Q3 2024 copper production exceeded Q2 2024 expectations, primarily due to improved grades and recovery rates at Lumwana, with further increases anticipated in Q4 2024 [6]
有色金属海外季报：巴里克2024Q3黄金产量环比持平为29.33吨，铜产量环比增加11.63%为4.8万吨
HUAXI Securities·2024-10-17 08:03