Barrick reports 23% increase in gold reserves in 2024

Canadian miner Barrick Gold has reported a 23% increase in its overall proven and probable gold reserves, reaching 17.4 million ounces (moz) at the end of 2024.

This rise is primarily attributed to the Reko Diq copper-gold project in the Chagai district of Balochistan, Pakistan.

The company’s attributable proven and probable gold reserves stood at 89moz at 0.99 grams per tonne (g/t) in 2024, up from 77moz at 1.65g/t in 2023.

This year-on-year increase was driven by the conversion of Reko Diq’s copper-gold resources into mineral reserves, contributing 13moz of gold at a grade of 0.28g/t on an attributable basis, after the completion of the feasibility study.

Prior to this, Barrick achieved a fourth consecutive year of replacing annual depletion at a 4% higher grade.

The Reko Diq mine, in which Barrick owns a 50% stake, is considered “one of the world’s largest underdeveloped copper-gold areas” and is expected to commence production by the end of 2028, reported Reuters.

In the Africa and Middle East region, the company’s reserves slightly increased by around 1.1% to 19moz in 2024, with contributions from the Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania.

Barrick replaced more than 180% of its depleted gold reserves, adding almost 46moz of attributable proven and probable reserves across its managed assets, since the end of 2019.

The company’s measured and indicated gold resources for 2024 have remained consistent at 180moz at 1.06g/t, with inferred resources increasing by 5% from 2023 to 41moz at 0.9g/t.

Additionally, copper mineral reserves have grown by 224% year-on-year on an attributable basis, with a more than 13% higher grade, resulting in 18 million tonnes (mt) of copper at 0.45%.

This increase in copper reserves is due to the completion of the Lumwana and Reko Diq feasibility studies, which affirmed both as Tier 1 copper projects.

The Lumwana Super Pit Expansion feasibility study alone added 5.5mt of copper reserves, while the Reko Diq study contributed an additional 7.3mt of copper to the company’s reserves.

The Latin America and Asia-Pacific region, driven by Pueblo Viejo mine in the Dominican Republic, replaced 115% of the regional gold reserve depletion for 2024, prior to the inclusion of Reko Diq. The Porgera mine saw a 22% growth in attributable gold reserves year-on-year.

Barrick president and chief executive Mark Bristow said: “In order for our industry to help build a better world, we have to invest in our own future, with transformational projects like the Lumwana Super Pit Expansion, Pueblo Viejo Expansion, Reko Diq and Fourmile. Barrick’s vision for these projects extends beyond mining, ensuring the benefits of these investments provide multi-generational benefits to our host countries and local communities through the development of local service provider partnerships and investment in the sustainability of our operating environments.”

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