For Gold Giant Barrick, Inflation Is Finally Starting to Bite
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Barrick Gold Corp., which had fared better than other bullion producers in navigating a rising cost environment, is finally encountering some inflationary headwinds.
In a preliminary report Thursday, Toronto-based Barrick said gold production in the first quarter was lower than the prior quarter, in line with previous guidance. At the same time, all-in sustaining costs per ounce are expected to be 19-21% higher than the fourth quarter. Apart from a 20% drop in gold ounces sold, no other reasons were given for the cost increase.