Barrick Gold, the Canadian mining giant, reported a significant increase in its overall proven and probable gold reserves for 2024, driven primarily by its Reko Diq copper-gold project.
Key Highlights:
Reserve Increase:
Barrick’s total gold reserves rose by 23% to 17.4 million ounces at the end of 2024.
The company added 13 million ounces of gold to its probable reserves following the completion of a feasibility study at Reko Diq.
Reko Diq Project:
Barrick holds a 50% stake in the Reko Diq project, with the remaining ownership shared between the governments of Pakistan and the province of Balochistan.
The project is regarded as one of the largest underdeveloped copper-gold areas globally and is anticipated to commence production by the end of 2028.
Regional Performance:
In the Africa and Middle East region, Barrick’s reserves increased by approximately 1.1% to 19 million ounces in 2024, largely attributed to its Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania.
Operational Challenges:
Recently, Barrick suspended operations at its Mali mine after a military-led government seized three metric tons of gold valued at around $245 million, citing demands for a larger share of revenue.