Barrick Gold Corporation has reported a significant increase in its attributable proven and probable gold mineral reserves, adding 17.4 million ounces (23%) to its resource base ahead of the 2024 depletion. The company’s total gold reserves now stand at 89 million ounces, with a grade of 0.99g/t, up from 77 million ounces at 1.65g/t in 2023. This growth is driven primarily by the conversion of Reko Diq copper-gold resources into mineral reserves, which contributed 13 million ounces of gold at a grade of 0.28g/t.
This marks the fourth consecutive year that Barrick has replaced annual depletion with a 4% higher grade, underscoring the company’s commitment to maintaining the quality of its assets and extending the life of its operations. Since 2019, Barrick has replaced more than 180% of its depleted gold reserves, adding nearly 46 million ounces of attributable proven and probable reserves across its assets.
Barrick’s copper reserves have also experienced notable growth, with a 224% year-on-year increase in attributable copper reserves. The company’s copper reserves now total 18 million tonnes at 0.45% grade, up from 5.6 million tonnes at 0.39% in 2023. This achievement follows the completion of the Lumwana and Reko Diq feasibility studies, both of which have affirmed these projects as Tier One copper assets. The Lumwana Super Pit expansion added 5.5 million tonnes of copper reserves, while Reko Diq contributed 7.3 million tonnes.
The company has also maintained its focus on exploration and resource management, with 2024 measured and indicated gold resources remaining stable at 180 million ounces at 1.06g/t, while inferred resources grew by 5% to 41 million ounces at 0.9g/t. Copper resources for 2024 stand at 24 million tonnes at 0.39%, with an additional 3.9 million tonnes at 0.3% inferred.
President and CEO Mark Bristow emphasized that Barrick’s strategy of investing in organic growth through exploration and mineral resource management sets the company apart in the industry. He also highlighted the company’s focus on creating long-term value for host countries and communities through sustainable projects like the Lumwana Super Pit Expansion, Pueblo Viejo Expansion, Reko Diq, and Fourmile.
Mineral Resource Management and Evaluation Executive Simon Bottoms noted that Barrick has successfully added 111 million ounces of attributable gold equivalent reserves since 2019, achieved at a cost of approximately $10 per ounce. This strategy, combined with the company’s reserve replacement efforts, ensures maximum value extraction from its Tier One assets.
Regionally, Barrick’s Africa & Middle East reserves grew by 2.3 million ounces, driven by strong performances at Bulyanhulu, Loulo-Gounkoto, and North Mara. The Latin America & Asia Pacific region also saw a significant boost, with Reko Diq adding 0.78 million ounces before depletion. In North America, the company’s growth programs at Turquoise Ridge, Leeville Underground, and Phoenix added 1.54 million ounces, further strengthening the region’s reserve base.
Looking ahead, Barrick plans to continue expanding its mineral resources, with a focus on the Fourmile project and other strategic growth initiatives in 2025. The company remains committed to its vision of building sustainable, multi-generational benefits through its projects, ensuring long-term success for its operations and stakeholders.
