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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 had been achieved with the help of strong performances from its Africa mines, 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 was 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 Stat...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Global power and technology company Cummins has announced a new mining engine that "sets a new benchmark for mining power" by offering innovations in fuel economy, reliability and power density.

Having unveiled the Cummins S29 mining engine at an event in China at the end of October, Cummins power systems VP Jenny Bush said the engine ensures exceptional performance, exceptional total cost of ownership and the flexibility to adapt as mining operations evolve.

Customers can see the S29 engine on display during Asia's premier international trade fair "bauma CHINA" from November 23 to 27 in Shanghai.

The 29-l engine is designed for 90-t to 120-t haul trucks and 150-t to 220-t excavators, with additional applicability across a range of mining and industrial equipment, including surface miners, bulldozers, wheel loaders and dewatering pumps.

The engine is planned to be available globally from late 2027 in regions that require China Stage III emissions configurations, equivalent to US Environmental Protection Agency Tier 2 requirements.

"The S29 is designed to deliver competitive power density with output of up to 1 300 hp at 2 100 rpm, which enables maximum vehicle integration flexibility, with the S29 delivering the power and performance of higher displacement engines within a compact installation package.

"Additionally, based on current development targets, the S29 is expected to achieve fuel efficiencies of 180 g/kWh, which represents industry-leading fuel economy for its power range," Bush explains.

She adds that the S29's fuel-agnostic capability will help customers support evolving fuel strategies. At launch, the engine is planned to be compatible with diesel, unblended paraffinic fuels such as heavy fuel oil and biodiesel blends up to B50.

The engine's fuel capability is also being designed to support potential future natural gas, hydrogen or duel-fuel configurations.

Further, the engine will be well suited for extreme environments of high altitude and temperatures.

"Mining customers are under relentless pressure to move more material, lower operating costs and improve efficiency. We are excited to provide the next generation of mining power with the S29 - a truly world-class platform purpose-built to help turn those pressures into more productive and profitable operations," says Cummins industrial markets for power systems VP Gbile Adewunmi.

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Mponeng Gold Mine – the world's deepest mine at a depth of 4 km with extension towards 4.22 km planned – has delivered another strong quarter, Harmony reported in its operational update for the three months ended September 30.

In the first quarter of Harmony's financial year 2027 (FY27), the recovered grade at Mponeng, near Carletonville in South Africa's Gauteng province, increased by 10% to 11.55 grams of gold per ton (g/t) and production was steady at 2 725 kg (87 611 oz).

The overall average gold price received in the quarter was a 17%-higher R2 123 588/kg ($4 057/oz).

Gold all-in sustaining costs were at the lower end of guidance, the business continued to generate strong cash flows and the Johannesburg Stock Exchange-listed gold and copper mining company remained confident of meeting FY27 guidance for production, cost and grade.

Gold revenue increased by 3% to R22.3-billion and copper revenue hit the R1 280-million mark on an average received copper price of $6.44/lb.

In line with guidance, overall group gold production was a 12%-lower 10 661 kg (342 758 oz) and 7 077 t of copper were produced. Comparable reporting period did not include Harmony's CSA copper mine.

"Five years ago, Harmony was predominantly a South African gold producer. Today, we are a higher-quality gold and copper producer operating in South Africa, Papua New Guinea and Australia, with a clear growth trajectory," Harmony CEO Beyers Nel pointed out in a release to Mining Weekly.

"Margins at our gold operations remain robust. CSA is now an established part of the group, contributing copper revenue alongside our gold," added Beyers, while pointing out that the Moab Khotsong gold mine, near the Orkney and Klerksdorp and straddling the North West and Free State provinces, is moving through its planned gold ore gap while the Eva copper project in Australia remains has passed another approval milestone on its path to production.

Production at Tshepong North gold mine increased by 23% to 1 020 kg (32 794oz) driven by higher tonnes milled and higher grades.

Harmony has attributable gold mineral reserves of 27.4-million ounces and copper mineral reserves of four-million tons.

Having completed the first quarter of FY27, group full-year gold production of 1 400 000 oz to 1 500 000 oz and 28 000 t to 30 000 t of copper are being guided.

Mponeng's life-extension programme continues to advance access to the Ventersdorp contact reef and carbon leader reef below existing infrastructure alongside the Tau Tona pillar extraction project. Together, these will access about 3.6-million ounces in reserves.

The Moab Khotsong's Zaaiplaats extension provides access to about 3.8-milloion ounces in high-grade gold resource below existing infrastructure.

Tshepong's life-extension project had a positive first quarter, with development ahead of plan, costs aligned with the overall estimate and initial construction milestones on track. The project accesses 1.1-million ounces in reserves and extends the life of the mine to 15 years while leveraging existing infrastructure.

Quarterly development of Doornkop gold mine's 207/212 life-was ahead of plan and ventilation and electrical infrastructure milestones completed. The 207/212 project is designed to replace production tonnes from existing levels and accesses 1.3-million ounces in mineral reserves. This project includes additional exploration drilling to increase the resources available for mining.

At Mine Waste Solutions surface mining operation, the Mispah 1 pump station was commissioned enablingreclamation of the 71-million tonne Mispah 1 tailings facility.

On the renewable energy front, Harmony's Sungazer 2 is progressing through phased energisation and further solar and battery-storage projects are...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Australian institution Curtin University has launched a world-class atom probe and advanced manufacturing hub, with the two newly established research facilities poised to strengthen advanced manufacturing and scientific capabilities in the mining, critical minerals, energy and geoscience sectors.

The Photon Forge Additive Manufacturing and Geoscience Atom Probe facilities are based in the John de Laeter Centre at the university, which now form Curtin's hub for metal additive manufacturing.

Notably, the Photon Forge Additive Manufacturing facility brings together small- and large-scale manufacturing systems that can produce, repair and enhance metal components used in mining and energy industries. The facility has the largest 3D metal printer in Western Australia and is able to work with materials such as stainless steel, aluminium, copper alloys, titanium alloys, nickel superalloys and refractory metals.

The facility's leader Dr Karl Davidson says the focus is on helping industry identify where additive manufacturing can deliver the greatest operational and commercial value while advancing research, training and collaboration.

The Photon Force Additive Manufacturing facility is already part of a $600 000 project with Additive Manufacturing Cooperative Research Centre to explore additive manufacturing opportunities in Australia's maritime and defence supply chains.

"This facility gives us the ability to work with industry across the full additive manufacturing process, from component and alloy design to production, analysis, qualification and certification.

"By working with industry on real-world projects, we can accelerate the adoption of additive manufacturing, strengthen capability and build more resilient Australian supply chains," Davidson states.

In turn, the Geoscience Atom Probe facility is focused on the application of atom probe tomography to the Earth and planetary sciences. The CAMECA LEAP 6000 XR atom probe within the facility is the first of its kind in Australia, and will allow researchers to analyse the composition of materials and minerals at near-atomic scale. The atom probe can reveal nanoscale variations in the chemistry and isotopic composition of materials that would have otherwise been impossible using conventional analytical techniques.

"The new instruments are placing world-class research and manufacturing tools in the hands of students, researchers and industry. This infrastructure strengthens Curtin's research capability and gives industry access to the expertise and technology needed to turn new ideas into practical solutions for Australia's critical industries," says Curtin vice-chancellor Professor Harlene Hayne.

Geoscience Atom Probe facility leader Professor David Saxey explains atom probe tomography helps researchers to understand how minerals and other materials are formed, how they have changed over time and how tiny features within them can influence their properties and performance.

"The new instrument's improved detection efficiency and shorter-wavelength ultraviolet laser will allow us to analyse a broader range of minerals and materials, opening new research opportunities in geochemistry, mineralogy, planetary science and materials characterisation," Saxey says.

The new infrastructure ultimately reinforces the John de Laeter Centre and the Curtin University's positions as world-leading research infrastructure institutions, with end-to-end research capability that can enable breakthrough discoveries and accelerated solutions to real world industry challenges.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The on-schedule construction of a copper mill in Zambia by Barrick Mining as part of the Lumwana expansion project is heading for completion in the fourth quarter (Q4) of this year, the New York and Toronto-listed gold and copper producing Barrick reported on Monday, November 9.

Since inception, $795-million capital has been spent to date with total expected project capital remaining on target at $2-billion.

First copper is expected at the end of the first quarter of 2028 with the expansion project doubling production to 240 000 tons a year (t/y) from the current 117 000 t/y.

All major long-lead equipment has been procured, and the mill shells and trunnions, primary crusher, and tailings thickener are already on site.

The primary crusher's third level is nearly complete, work on the tailings storage facility is expected to commence in Q4 2026, and the last mill wall lifts are expected to be completed in in the same quarter.

Lumwana's life of mine at the expanded production levels is 30 years.

In the three months to September 30, Barrick produced 50 000 t of copper, which with the 816 000 oz of gold generated $5.07-billion in revenue, $2.49-billion in operating cash flow, $1.80-billion in attributable operating cash flow, and $0.64-billion in attributable free cash flow.

Net earnings per share for the quarter were a 5%-higher $0.80, and adjusted net earnings per share were a 41%-higher $0.82 compared with Q3 2025.

"We remain on track to achieve our full-year production guidance," Barrick president and CEO Mark Hill stated in a release to Mining Weekly.

Barrick continues to expect 2026 gold production to be 2.90-million ounces to 3.25-million ounces and copper production remains unchanged at 190 000 t to 220 000 t.

Guidance is based on an oil price assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is about $12/oz across Barrick's gold operations, and $0.04/lb across its copper operations.

Total attributable capital expenditure was reduced from $3.8-billion to $4.2-billion on lower anticipated spending at the Reko Diq project, one of the largest undeveloped copper-gold projects in the world. Barrick owns 50% of Reko Diq and three federal state-owned enterprises own 25%. Of the remaining 25% owned by government of Balochistan, 15% is on a fully funded basis and 10% on a free carried basis.

THIRD-QUARTER COSTS

Gold's cost of sales for Q3 2026 was $1 950/oz, up from the $1 562/oz for the corresponding period of last year, primarily reflecting lower grades processed, higher royalties associated with increased realised gold prices, and elevated diesel prices.

Total cash costs increased to $1 386/oz from $1 137/oz and all-in sustaining costs (AISC) increased to $1 911/oz from $1 538/oz primarily reflecting the same cost pressures, as well as higher sustaining capital expenditures.

Copper's cost of sales rose to $3.65/lb, C1 cash costs to $2.76/lb and AISC to $4.52/lb on higher diesel prices, and local currency appreciation, particularly in labour costs.

Third-quarter net earnings of $1.32-billion compared with $1.30-billion last year while adjusted net earnings were $1.35-billion compared with $0.98-billion.

Revenue increased 22% year-on-year to $5.07-billion, earnings before interest tax depreciation and amortisation (Ebitda) increased 13% to $3.22-billion, and attributable adjusted Ebitda 22% to $2.47-billion. Operating cash flow totaled $2.49-billion and attributable free cash flow was $0.64-billion.