Barrick Gold announce significant increase in resources and reserves

Successful exploration at both the Lumwana and Jabal Sayid mines has driven the growth of attributable proven and probable copper reserves by 640 million lb, notwithstanding an increase in the annual reserve price assumption to US$3.00/lb. As a result, Barrick replaced 103% of annual global depletion at consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 12 billion lb at 0.38% in 2022. Total attributable gold mineral resources grew by nearly 10% relative to 2021, and total attributable copper mineral resources more than doubled, growing by 124% y/y, both net of annual depletion. This growth was driven by the successful completion of a preliminary economic assessment supporting the Lumwana Super Pit expansion, and the incorporation of Reko Diq following the reconstitution of the project in December 2022. Attributable measured and indicated gold resources for 2022 stand at 180 million oz at 1.07 g/t, with a further 42 million oz at 0.8 g/t of inferred resources. Attributable measured and indicated copper resources for 2022 stand at 44 billion lb at 0.39%, with a further 15 billion lb at 0.4% of inferred resources. Mineral resources are reported inclusive of reserves and for 2022, are based on a gold price of US$1700/oz and a copper price of US$3.75/lb.

President and chief executive Mark Bristow said:

“In a sector of diminishing reserves and resources, Barrick’s strategy of investing in organic growth through exploration and mineral resource management has replenished and delivered significant value within the company’s asset base.

“While we continue to evaluate all new opportunities against our strategic filters, we have always believed that finding our ounces is better than buying them, and this year’s resource and reserve statement showcases the unmatched potential of our organic growth pipeline.”

Mineral Resource Management and Evaluation Executive Simon Bottoms stated that basing the company’s reserve calculations at a price of US$1300/oz for gold and US$3.00/lb for copper underpins the company’s focus on quality assets.

“The substantial growth in our mineral resources lays the long-term foundation to potentially grow our current attributable production profile of approximately 5.5 million gold equivalent ounces/yr to approximately 6.5 million gold equivalent ounces/yr by the end of this decade, which would include production from Reko Diq and the Lumwana Super Pit.”

Read the article online at: https://www.globalminingreview.com/mining/10022023/barrick-gold-announce-significant-increase-in-resources-and-reserves/