JOHANNESBURG (miningweekly.com) – With gold and copper mining company Barrick Mining Corporation proceeding with the proposed initial public offering (IPO) of the North American portion of the business, Africa operations, which now form part of Barrick International, have delivered a good third-quarter (Q3) performance.

On Wednesday November 11, New York- and Toronto-listed Barrick announced that its new publicly listed company would be named American Barrick Gold Corporation and that this company – which would hold Barrick’s North American gold assets – was moving forward with the proposed IPO of common stock.

Meanwhile, in the three months to September 30, the production of the newly branded Barrick International – previously referred to as the Rest of World – was 319 000 oz of gold, 6% higher than in Q2.

Interestingly, that increase was achieved with the help of strong performances from its mines in Africa, notably Loulo-Gounkoto of Mali, Kibali of the Democratic Republic of Congo, and Bulyanhulu of Tanzania.

In fact, the accomplishments of these three African gold mines more than offset weather disruptions at Veladero in Argentina and Porgera in Papua New Guinea.

Moreover, Africa is also showing good promise on the copper front, with the Lumwana copper expansion in Zambia poised to take copper production to 240 000 t/y for more than 30 years from the end of Q1 2028.

Loulo-Gounkoto's output was up 16% on high throughput and grade, with mining and processing consistently running ahead of the original restart plan. Kibali's production was up 20% amid delivery of its highest quarterly production since Q4 2023 and its underground bringing more ore and higher grades, Barrick International CEO Sebastiaan (Seb) Bock pointed out during the Q3 results presentation covered by Mining Weekly.

Furthermore, in East Africa, Bulyanhulu stepped up again as the Upper West development resulted in greater mining flexibility. The Upper West project in north-western Tanzania involves high-speed decline development and a boxcut portal to access near-surface reserves. In addition, Tanzania’s North Mara gold mine was also up on the quarter, despite an extended plant shutdown and power instability.

Meanwhile, Veladero had to be suspended on several occasions owing to winter storms, while drought-related water shortages at Porgera limited plant operating rates. “We've seen these conditions continue into early Q4,” Bock noted, while adding that Barrick International was being managed as a portfolio, and that performances across the rest of the operations were keeping the international division on track to meet full-year gold production guidance.

On costs, Kibali and Bulyanhulu's higher volumes brought unit costs down, while Veladero and Porgera's unit costs rose.

Overall, Barrick International's gold operations generated more than $800-million of attributable adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) in Q3, at an adjusted Ebitda margin of 59%.

COPPER

Copper production guidance from Barrick International remains on track, with 50 000 t produced in the quarter and Lumwana's completion of a mill reline in late September setting up Barrick International for a clean run through the fourth quarter.

Barrick International’s other copper operations were flat on a combined basis, with higher grades and recoveries at Jabal Sayid offsetting lower throughput and grades at Zaldivar.

Copper’s higher costs were driven by diesel prices, local currency appreciation, higher royalties, and additional waste stripping.

For the full year, copper costs are expected to be around the top end of the range, given the same diesel and currency pressures.

THE IPO

An IPO registration statement on Form S-11 has been filed with the United States Securities and Exchange Commission for a New York listing. The number of shares to be offered and the proposed price range for the IPO have not yet been determined. Net IPO proceeds are expected to be returned to shareholders.