Barrick's 80% share of gold production at Mali's Loulo-Gounkoto complex rose 16% from the previous quarter to 102,000 ounces in the third quarter, helped by higher throughput and grades, the Canadian miner said on November 9. All-in sustaining costs fell to $2,220 an ounce from $2,240. Meanwhile, capital spending rose to $77mn from $30mn.
Analysis: The complex has already produced 254,000 ounces for Barrick this year, 98% of the low end of its unchanged 2026 forecast of 260,000 to 290,000 ounces, by our calculation. Barrick's 80% share alone was 31% larger than the 78,119 ounces B2Gold reported for Fekola in the same quarter. Costs are also below plan: third-quarter all-in sustaining costs ran 16% below the low end of the forecast range, by our calculation. Higher output usually lifts royalties for the Malian state, which owns 20% of both operating companies. The jump in capital spending, meanwhile, points to more work for equipment suppliers and underground contractors. Barrick has set no date to revise its forecast.
Source: Barrick Mining Corporation, Barrick Mining Corporation, Management's Discussion and Analysis for the three and nine months ended September 30, 2026 (Form 6-K exhibit 99.2), prepared as of November 6, 2026, Q3 2026 and Q2 2026 and January–September 2026 and 2026; Barrick Mining Corporation, Barrick Mining Corporation, 'Barrick Reports Third Quarter 2026 Results', press release, Toronto, November 9, 2026 (Form 6-K exhibit 99.1), Q3 2026; B2Gold Corp., B2Gold Corp., Management's Discussion and Analysis for the three and nine months ended September 30, 2026 (Form 6-K exhibit 99.2), prepared as at November 4, 2026, Q3 2026