Barrick Gold (TSX: ABX) has grown its gold and copper reserves, even after depletion from 2024 is taken into consideration.
The mining giant this morning indicated it has grown its attributable proven and probable gold reserves to 89 million ounces at 0.99 g/t. The figure represents growth of roughly 12 million ounces, with gold reserves at the end of 2023 sitting at 77 million ounces at 1.65 g/t gold.
Mineral reserves are said to have grown by a total of 17.4 million ounces before depletion is factored in. The growth here largely comes from the Reko Diq project, where copper-gold resources were converted to mineral reserves, which added 13 million ounces of gold at a grade of 0.28 g/t.
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Attributable measured and indicated resources currently sit at 180 million ounces at 1.06 g/t, while inferred resources sit at 41 million ounces at 0.9 g/t. Comparatively, measured and indicated reserves a year ago stood at 180 million ounces at 1.06 g/t (unchanged) while inferred resources amounted to 39 million ounces at 0.8 g/t.
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Copper reserves grew more substantially than gold reserves this year, jumping to 18 million tonnes at 0.45%, compared to 5.6 million tonnes at 0.39% last year.
Growth in copper reserves is attributed to the Lumwana Super Pit Expansion, which resulted in an additional 5.5 million tonnes of copper reserves, as well as the Reko Diq project, which added 7.3 million tonnes of copper at 0.48%.
Attributable measured and indicated copper resources currently sit at 24 million tonnes at 0.39%, while 3.9 million tonnes at 0.3% copper sit in the inferred category. Attributable measured and indicated resources last year sat at 21 million tonnes at 0.39% copper, while inferred resources totaled 7.1 million tonnes at 0.4% copper.
Barrick Gold last traded at $24.55 on the TSX.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
