Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) grew attributable
proven and probable gold mineral reserves by 5.0 million ounces
before 2023 depletion, while continuing to maintain the quality of
the mineral reserve base. Attributable proven and probable mineral
reserves now stand at 77 million ounces2 at 1.65g/t,
increasing from 76 million ounces3 at 1.67g/t in 2022. Led by
the Africa & Middle East region, Barrick has delivered a third
consecutive year of organic gold reserve growth over and above
annual depletion. This unremitting focus on asset quality has
successfully delivered replacement of over 140%4 of the company’s
gold reserve depletion since end of year 2019, adding almost 29
million ounces4 of attributable proven and probable reserves or 44
million ounces4 of proven and probable reserves on a 100% basis
(excluding acquisitions and divestments).
Successful drilling programs at Lumwana drove
the growth of proven and probable copper reserves by 330 thousand
tonnes2 of copper in 2023. As a result, Barrick replaced 124% of
annual global copper depletion at a consistent quality, effectively
maintaining attributable proven and probable copper mineral
reserves of 5.6 million tonnes2 at 0.39% in 2023.
Attributable measured and indicated gold
resources for 2023 stand at 180 million ounces2 at 1.06g/t,
with a further 39 million ounces2 at 0.8g/t of inferred
resources. Attributable measured and indicated copper resources for
2023 stand at 21 million tonnes2 of copper at 0.39%, with a further
7.1 million tonnes2 of copper at 0.4% of inferred resources.
Mineral resources are reported inclusive of reserves and are based
on a gold price of $1,700/oz1 and an updated copper price of
$4.00/lb1 for 2023.
President and chief executive Mark Bristow said
Barrick’s strategy of investing in organic growth through
exploration and mineral resource management has set us apart within
the industry, creating real value through discovery and
development, rather than relying upon increases in commodity prices
to provide value to high premium mergers and acquisitions.
“In order for our industry to help build a
better world, we have to invest in our own future by creating value
through exploration, leveraging our capital infrastructure base by
replacing the ounces that we mine, which in turn enables us to
provide multi-generational investment in our communities,
developing local service provider partnerships, and investing in
improving our operating environments” said Bristow.
Mineral Resource Management and Evaluation
Executive Simon Bottoms stated that the company's reserves at a
price of $1,300/oz for gold1 and $3.00/lb for copper1 demonstrate
the quality differentiation of our assets relative to our peers.
“Barrick’s core focus on geologically driven asset management, not
only underpins the company’s reserve replacement record, but is
also key in unlocking the embedded organic growth portfolio to
increase the production profile to approximately 6.5 million gold
equivalent ounces5 per year by the end of this decade, as both the
Reko Diq and Lumwana Super Pit expansion projects are on track to
complete their respective feasibility studies by the end of 2024”
said Bottoms.
The Africa & Middle East region, replaced
165% of the regional 2023 gold reserve depletion, led by
Loulo-Gounkoto, with extensions of the high grade Yalea orebody,
delivering a 1.1 million ounce2 increase in attributable
proven and probable reserves before depletion. Bulyanhulu also
delivered strong results through the extension of Reef 1 and Reef 2
near surface mineralization, with updated feasibility studies
supporting an additional surface decline access portal for each
Reef, adding 0.9 million ounces2 to attributable proven and
probable reserves. At Kibali, the ongoing conversion drilling in
the 11000 lode in KCD underground combined with the conversion of
some satellite pit resources delivered a 0.47 million ounce2
increase in attributable proven and probable reserves before
depletion.
The Lumwana copper mineral reserve base also
grew by 6% year on year, net of depletion, as a result of ongoing
conversion drilling in the Malundwe Pit. This also resulted in the
updated 2023 measured and indicated copper resources for Lumwana,
which stand at 7.1 million tonnes2 of copper at 0.52%, with a
further 4 million tonnes2 of copper at 0.4% of inferred resources,
which are expected to provide the foundation for a Tier One Copper
Asset6 with the completion of the Super Pit Expansion feasibility
study in 2024.
Within the Latin America & Asia Pacific
region, a pre-feasibility study was completed on the expansion of
the leach pad supporting an additional pushback in the open pit at
Veladero, resulting in 2023 attributable proven and probable gold
reserves for the region of 27 million ounces2 at 0.96g/t. Updates
to the Reko Diq5 mineral resources reflect ongoing feasibility
study updates, resulting in an attributable measured and indicated
mineral resource of 8.3 million tonnes2 of copper at 0.43% with 14
million ounces2 of gold at 0.25g/t, and an attributable inferred
mineral resource of 2.2 million tonnes2 of copper at 0.3% with 3.8
million ounces2 of gold at 0.2g/t.
In North America, ongoing growth programs at
Turquoise Ridge, Leeville Underground in Carlin and Robertson in
Cortez added 1.9 million ounces2 of gold on an attributable basis
before annual depletion, effectively replacing more than 80% of
annual depletion. This resulted in sustaining attributable proven
and probable mineral reserves for the region of 31 million ounces2
at 2.45g/t for 2023. At the same time, attributable gold measured
and indicated mineral resources for the region stand at 68 million
ounces2 at 2.10g/t, while updated inferred attributable gold
resources grew to 18 million ounces2 at 2.1 g/t. Looking forward to
2024, the regional mineral resource base is forecast to be a key
driver of future growth. As part of this, a comprehensive
evaluation program and dedicated study team will evaluate the
strike length of the 100% owned Fourmile deposit7, targeting an
update to mineral resources at the end of 2024, which will inform
Barrick’s decision on commencement of a pre-feasibility study.
Enquiries:
President and CEOMark
Bristow+1-647-205 7694+44 788 071 1386
Senior EVP and CFOGraham
Shuttleworth+1-647-262 2095+44 779 771 1338
Investor and Media RelationsKathy du
Plessis+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved by:
Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource
Management and Evaluation Executive; Craig Fiddes, SME-RM, Lead -
Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral
Resource Manager, Latin America and Asia Pacific; and Richard
Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa &
Middle East — each a “Qualified Person” as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Endnote 1
|
Commodity |
Proven and Probable Reserve Price Assumptions |
Measured, Indicated and Inferred Resource Price
Assumptions |
|
2022 |
2023 |
2022 |
2023 |
|
Gold |
$1,300/oz |
$1,300/oz i |
$1,700/oz |
$1,700/oz |
|
Copperii |
$3.00/lb |
$3.00/lb |
$3.75/lb |
$4.00/lb |
|
Silver |
$18.00/oz |
$18.00/oz |
$21.00/oz |
$21.00/oz |
i Except at Tongon where gold mineral reserves
for 2023 are based upon a price assumption of $1,500/oz and Hemlo
where gold mineral reserves are based on a price assumption of
$1,400/oz.
ii Except at Zaldivar, where mineral reserves
and resources are based on Antofagasta’s price assumptions. For
mineral reserves, the copper price assumption used by Antofagasta
is $3.50/lb for 2023 and was $3.30/lb for 2022. For mineral
resources, the copper price assumption used by Antofagasta is
$4.20/lb for 2023 and was $3.75/lb for 2022.
Endnote 2Estimated in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects as required by Canadian securities
regulatory authorities. Estimates are as of December 31, 2023,
unless otherwise noted. Proven mineral reserves of 250 million
tonnes grading 1.85g/t, representing 15 million ounces of gold, and
320 million tonnes grading 0.41%, representing 1.3 million tonnes
of copper. Probable reserves of 1,200 million tonnes grading
1.61g/t, representing 61 million ounces of gold, and 1,100 million
tonnes grading 0.38%, representing 4.3 million tonnes of copper.
Measured resources of 430 million tonnes grading 1.76g/t,
representing 24 million ounces of gold, and 580 million tonnes
grading 0.39%, representing 2.2 million tonnes of copper. Indicated
resources of 4,800 million tonnes grading 1.00g/t, representing 150
million ounces of gold, and 4,900 million tonnes grading 0.39%,
representing 19 million tonnes of copper. Inferred resources of
1,500 million tonnes grading 0.8g/t, representing 39 million ounces
of gold, and 2,000 million tonnes grading 0.4%, representing 7.1
million tonnes of copper. Totals may not appear to sum correctly
due to rounding. Complete mineral reserve and mineral resource data
for all mines and projects referenced in this press release,
including tonnes, grades, and ounces, can be found in the Mineral
Reserves and Mineral Resources Tables included on the following
pages of this press release.
Endnote 3Estimated in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects as required by Canadian securities
regulatory authorities. Estimates as of December 31, 2022,
unless otherwise noted. Proven mineral reserves of 260 million
tonnes grading 2.26g/t, representing 19 million ounces of gold, and
390 million tonnes grading 0.40%, representing 3,500 million pounds
of copper. Probable reserves of 1,200 million tonnes grading
1.53g/t, representing 57 million ounces of gold, and 1,100 million
tonnes grading 0.37%, representing 8,800 million pounds of copper.
Measured resources of 480 million tonnes grading 2.13g/t,
representing 33 million ounces of gold, and 700 million tonnes
grading 0.39%, representing 6,000 million pounds of copper.
Indicated resources of 4,700 million tonnes grading 0.96g/t,
representing 150 million ounces of gold, and 4,500 million tonnes
grading 0.39%, representing 38,000 million pounds of copper.
Inferred resources of 1,500 million tonnes grading 0.8g/t,
representing 42 million ounces of gold, and 1,800 million tonnes
grading 0.4%, representing 15,000 million pounds of copper. Totals
may not appear to sum correctly due to rounding. Complete mineral
reserve and mineral resource data for all mines and projects
referenced in this presentation as of December 31, 2022, including
tonnes, grades, pounds, and ounces, can be found on pages 33-46 of
Barrick’s 2022 Annual Information Form / Form 40-F on file with the
Canadian provincial securities regulators on SEDAR+ at
www.sedarplus.ca and the Securities and Exchange Commission on
EDGAR at www.sec.gov.
Endnote 4Proven and probable
reserve gains calculated from cumulative net change in reserves
from year end 2019 to 2023.
Reserve replacement percentage is calculated
from the cumulative net change in reserves from 2020 to 2023
divided by the cumulative depletion in reserves from year end 2019
to 2023 as shown in the table below:
|
Year |
Attributable P&P
Gold(Moz) |
Attributable Gold Acquisition &
Divestments(Moz) |
Attributable Gold
Depletion(Moz) |
Attributable Gold Net
Change(Moz) |
|
2019a |
71 |
- |
- |
- |
|
2020b |
68 |
(2.2) |
(5.5) |
4.2 |
|
2021c |
69 |
(0.91) |
(5.4) |
8.1 |
|
2022d |
76 |
- |
(4.8) |
12 |
|
2023e |
77 |
- |
(4.6) |
5 |
|
2019 – 2023 Total |
N/A |
(3.1) |
(20) |
29 |
Totals may not appear to sum correctly due to
rounding.
Attributable acquisitions and divestments
includes the following: a decrease of 2.2 Moz in proven and
probable gold reserves from December 31, 2019 to December 31, 2020,
as a result of the divestiture of Barrick's Massawa gold project
effective March 4, 2020; and a decrease of 0.91 Moz in proven and
probable gold reserves from December 31, 2020 to December 31, 2021,
as a result of the change in Barrick's ownership interest in
Porgera from 47.5% to 24.5% and the net impact of the asset
exchange of Lone Tree to i-80 Gold for the remaining 50% of South
Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects as required by Canadian securities regulatory
authorities.
- Estimates as of December 31, 2019,
unless otherwise noted,. Proven reserves of 280 million tonnes
grading 2.42 g/t, representing 22 million ounces of gold and
Probable reserves of 1,000 million tonnes grading 1.48 g/t,
representing 49 million ounces of gold.
- Estimates as of December 31, 2020,
unless otherwise noted Proven reserves of 280 million tonnes
grading 2.37g/t, representing 21 million ounces of gold and
Probable reserves of 990 million tonnes grading 1.46g/t,
representing 47 million ounces of gold.
- Estimates as of December 31,
2021, unless otherwise noted, Proven mineral reserves of 240
million tonnes grading 2.20g/t, representing 17 million ounces of
gold and Probable reserves of 1,000 million tonnes grading 1.60g/t,
representing 53 million ounces of gold.
- Estimates as of December 31,
2022, unless otherwise noted. Proven mineral reserves of 260
million tonnes grading 2.26g/t, representing 19 million ounces of
gold and Probable reserves of 1,200 million tonnes grading 1.53g/t,
representing 57 million ounces of gold.
- Estimates are as of
December 31, 2023, unless otherwise noted. Proven mineral
reserves of 250 million tonnes grading 1.85g/t, representing 15
million ounces of gold. Probable reserves of 1,200 million tonnes
grading 1.61g/t, representing 61 million ounces of gold.
Endnote 5Gold equivalent ounces
calculated from our copper assets are calculated using a gold price
of $1,300/oz and copper price of $3.00/lb. Barrick’s ten-year
indicative production profile for gold equivalent ounces is based
on the following assumptions:
|
Key Outlook Assumptions |
2023 |
2024 |
2025+ |
|
Gold Price ($/oz) |
1,948 |
1,900 |
1,300 |
|
Copper Price ($/lb) |
3.85 |
3.50 |
3.00 |
|
Oil Price (WTI) ($/barrel) |
85 |
75 |
75 |
|
AUD Exchange Rate (AUD:USD) |
0.75 |
0.75 |
0.75 |
|
ARS Exchange Rate (USD:ARS) |
800 |
800 |
800 |
|
CAD Exchange Rate (USD:CAD) |
1.30 |
1.30 |
1.30 |
|
CLP Exchange Rate (USD:CLP) |
900 |
900 |
900 |
|
EUR Exchange Rate (EUR:USD) |
1.10 |
1.20 |
1.20 |
Barrick’s five-year indicative outlook is based
on our current operating asset portfolio, sustaining projects in
progress and exploration/mineral resource management initiatives in
execution. This outlook is based on our current reserves and
resources as disclosed in this press release and assumes that we
will continue to be able to convert resources into reserves.
Additional asset optimization, further exploration growth, new
project initiatives and divestitures are not included. For the
company’s gold and copper segments, and where applicable for a
specific region, this indicative outlook is subject to change and
assumes the following: new open pit production permitted and
commencing at Hemlo in the second half of 2025, allowing three
years for permitting and two years for pre-stripping prior to first
ore production in 2027; Tongon will enter care and maintenance by
2026; and production from the Zaldívar CuproChlor® Chloride Leach
Project (Antofagasta is the operator of Zaldívar).
Our five-year indicative outlook excludes:
production from Fourmile; Pierina and Golden Sunlight, both of
which are currently in care and maintenance; and production from
long-term greenfield optionality from Donlin, Pascua-Lama, Norte
Abierto and Alturas.
Barrick’s ten-year indicative production profile
is subject to change and is based on the same assumptions as the
current five-year outlook detailed above, except that the
subsequent five years of the ten-year outlook assumes attributable
production from Fourmile as well as exploration and mineral
resource management projects in execution at Nevada Gold Mines and
Hemlo.
Barrick’s five-year and ten-year production
profile in this press release also assumes the re-start of Porgera,
as well as an indicative gold and copper production profile for
Reko Diq and an indicative copper production profile for the
Lumwana Super Pit expansion, both of which are conceptual in
nature.
Endnote 6A Tier One Gold Asset
is an asset with a $1,300/oz reserve with potential to deliver a
minimum 10-year life, annual production of at least 500,000 ounces
of gold and with all in sustaining costs per ounce in the lower
half of the industry cost curve. A Tier One Copper Asset is an
asset with a $3.00/lb reserve with potential for +5Mt contained
copper in support of at least 20 years life, annual production of
at least 200ktpa, with all in sustaining costs per pound in the
lower half of the industry cost curve
Endnote 7Fourmile is currently
100% owned by Barrick. As previously disclosed, Barrick anticipates
Fourmile being contributed to the Nevada Gold Mines joint venture
if certain criteria are met following the completion of drilling
and the requisite feasibility work.
Cautionary Statement on Forward-Looking
InformationCertain information contained or incorporated
by reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “growth”, “potential”,
“deliver”, “future”, “support”, “estimated”, “represent”, “target”,
“plan”, “continues”, “would” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: Barrick’s ability to convert resources into
reserves and future reserve replacement; potential mineralization
and metal or mineral recoveries; Barrick’s focus on Tier One Assets
and its potential for growth while delivering sustainable returns;
Barrick’s forward-looking production guidance, including our five
and ten year outlooks for gold and copper; our plans and expected
completion and benefits of our growth projects, including the
Lumwana Super Pit, Reko Diq project and Veladero leach pad
expansion; mine life and production rates, including annual
production expectations from Reko Diq and Lumwana and anticipated
production growth from Barrick’s organic project pipeline and
reserve replacement; the anticipated timing for completion of the
Lumwana Super Pit and Reko Diq feasibility studies and Barrick’s
decision regarding commencement of a pre-feasibility study at
Fourmile; the potential for Lumwana to become a Tier One Copper
Asset; Barrick’s global exploration strategy and planned
exploration activities; our pipeline of high confidence projects at
or near existing operations; potential mineralization and metal or
mineral recoveries; the potential for further growth at Nevada Gold
Mines including at Turquoise Ridge, Leeville Underground and
Robertson; and expectations regarding future price assumptions,
financial performance and other outlook or guidance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risks associated with projects in the early stages of
evaluation, and for which additional engineering and other analysis
is required; failure to comply with environmental and health and
safety laws and regulations; timing of receipt of, or failure to
comply with, necessary permits and approvals; uncertainty whether
some or all of the targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate;
the possibility that future exploration results will not be
consistent with the Company’s expectations; risks that exploration
data may be incomplete and considerable additional work may be
required to complete further evaluation, including but not limited
to drilling, engineering and socioeconomic studies and investment;
disruption of supply routes which may cause delays in construction
and mining activities, including disruptions in the supply of key
mining inputs due to the invasion of Ukraine by Russia; changes in
national and local government legislation, taxation, controls or
regulations and/ or changes in the administration of laws, policies
and practices, expropriation or nationalization of property and
political or economic developments in the jurisdictions in which
the Company or its affiliates do or may carry on business in the
future; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental
matters or dealings with community groups, whether true or not;
risks associated with new diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic; the impact of inflation, including global inflationary
pressures driven by supply chain disruptions caused by the ongoing
Covid-19 pandemic and global energy cost increases following the
invasion of Ukraine by Russia; litigation and legal and
administrative proceedings; employee relations including loss of
key employees; increased costs and physical risks, including
extreme weather events and resource shortages, related to climate
change; and availability and increased costs associated with mining
inputs and labor. Barrick also cautions that its guidance, as well
as its five and ten-year outlooks for gold and copper, may be
impacted by the continuing business and social disruption caused by
the spread of Covid-19. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
|
Gold Mineral Reserves1,2,3,6 |
|
|
|
|
|
|
|
|
As at December 31, 2023 |
PROVEN |
|
PROBABLE |
|
TOTAL |
|
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0088 |
5.89 |
0.0017 |
|
— |
— |
— |
|
0.0088 |
5.89 |
0.0017 |
|
Bulyanhulu underground |
1.5 |
6.79 |
0.32 |
|
16 |
5.98 |
3.1 |
|
18 |
6.05 |
3.4 |
|
Bulyanhulu (84.00%) total |
1.5 |
6.78 |
0.32 |
|
16 |
5.98 |
3.1 |
|
18 |
6.05 |
3.4 |
|
Jabal Sayid surface |
0.064 |
0.38 |
0.00078 |
|
— |
— |
— |
|
0.064 |
0.38 |
0.00078 |
|
Jabal Sayid underground |
6.7 |
0.31 |
0.065 |
|
6.9 |
0.37 |
0.083 |
|
14 |
0.34 |
0.15 |
|
Jabal Sayid (50.00%) total |
6.7 |
0.31 |
0.066 |
|
6.9 |
0.37 |
0.083 |
|
14 |
0.34 |
0.15 |
|
Kibali surface |
5.5 |
2.02 |
0.36 |
|
18 |
2.06 |
1.2 |
|
24 |
2.05 |
1.6 |
|
Kibali underground |
8.3 |
4.38 |
1.2 |
|
15 |
3.94 |
1.9 |
|
24 |
4.10 |
3.1 |
|
Kibali (45.00%) total |
14 |
3.44 |
1.5 |
|
33 |
2.92 |
3.1 |
|
47 |
3.07 |
4.7 |
|
Loulo-Gounkoto surface |
11 |
2.31 |
0.82 |
|
13 |
3.30 |
1.3 |
|
24 |
2.84 |
2.1 |
|
Loulo-Gounkoto underground |
9.0 |
5.08 |
1.5 |
|
24 |
4.70 |
3.6 |
|
33 |
4.81 |
5.1 |
|
Loulo-Gounkoto (80.00%) total |
20 |
3.56 |
2.3 |
|
36 |
4.22 |
4.9 |
|
57 |
3.99 |
7.2 |
|
North Mara surface |
0.10 |
2.46 |
0.0080 |
|
30 |
1.90 |
1.8 |
|
30 |
1.90 |
1.8 |
|
North Mara underground |
2.7 |
3.01 |
0.26 |
|
6.5 |
3.84 |
0.81 |
|
9.3 |
3.60 |
1.1 |
|
North Mara (84.00%) total |
2.8 |
2.99 |
0.27 |
|
36 |
2.25 |
2.6 |
|
39 |
2.30 |
2.9 |
|
Tongon surface (89.70%) |
3.1 |
2.02 |
0.20 |
|
2.5 |
1.94 |
0.15 |
|
5.5 |
1.98 |
0.35 |
|
AFRICA AND MIDDLE EAST TOTAL |
48 |
3.04 |
4.7 |
|
130 |
3.32 |
14 |
|
180 |
3.24 |
19 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
110 |
0.65 |
2.4 |
|
480 |
0.59 |
9.2 |
|
600 |
0.60 |
12 |
|
Porgera surface4 |
— |
— |
— |
|
5.0 |
3.55 |
0.57 |
|
5.0 |
3.55 |
0.57 |
|
Porgera underground4 |
0.66 |
6.69 |
0.14 |
|
2.2 |
7.05 |
0.51 |
|
2.9 |
6.96 |
0.65 |
|
Porgera (24.50%) total4 |
0.66 |
6.69 |
0.14 |
|
7.2 |
4.64 |
1.1 |
|
7.9 |
4.81 |
1.2 |
|
Pueblo Viejo surface (60.00%) |
39 |
2.28 |
2.8 |
|
140 |
2.10 |
9.1 |
|
170 |
2.14 |
12 |
|
Veladero surface (50.00%) |
20 |
0.60 |
0.38 |
|
69 |
0.72 |
1.6 |
|
89 |
0.70 |
2.0 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
170 |
1.03 |
5.8 |
|
700 |
0.94 |
21 |
|
870 |
0.96 |
27 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
3.7 |
1.80 |
0.22 |
|
61 |
2.43 |
4.8 |
|
65 |
2.39 |
5.0 |
|
Carlin underground |
— |
— |
— |
|
17 |
8.34 |
4.6 |
|
17 |
8.34 |
4.6 |
|
Carlin (61.50%) total |
3.7 |
1.80 |
0.22 |
|
79 |
3.73 |
9.4 |
|
82 |
3.64 |
9.7 |
|
Cortez surface |
1.1 |
1.86 |
0.064 |
|
100 |
0.81 |
2.7 |
|
110 |
0.82 |
2.8 |
|
Cortez underground |
— |
— |
— |
|
27 |
7.27 |
6.3 |
|
27 |
7.27 |
6.3 |
|
Cortez (61.50%) total |
1.1 |
1.86 |
0.064 |
|
130 |
2.13 |
9.0 |
|
130 |
2.13 |
9.0 |
|
Hemlo surface |
— |
— |
— |
|
27 |
0.97 |
0.84 |
|
27 |
0.97 |
0.84 |
|
Hemlo underground |
0.76 |
4.49 |
0.11 |
|
6.0 |
4.07 |
0.79 |
|
6.8 |
4.12 |
0.90 |
|
Hemlo (100%) total |
0.76 |
4.49 |
0.11 |
|
33 |
1.53 |
1.6 |
|
34 |
1.60 |
1.7 |
|
Phoenix surface (61.50%) |
3.8 |
0.81 |
0.100 |
|
97 |
0.57 |
1.8 |
|
100 |
0.58 |
1.9 |
|
Turquoise Ridge surface |
16 |
2.36 |
1.2 |
|
6.9 |
2.37 |
0.52 |
|
22 |
2.36 |
1.7 |
|
Turquoise Ridge underground |
8.1 |
11.58 |
3.0 |
|
12 |
10.04 |
3.9 |
|
20 |
10.66 |
6.9 |
|
Turquoise Ridge (61.50%) total |
24 |
5.53 |
4.2 |
|
19 |
7.24 |
4.4 |
|
43 |
6.29 |
8.6 |
|
NORTH AMERICA TOTAL |
33 |
4.42 |
4.7 |
|
360 |
2.27 |
26 |
|
390 |
2.45 |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
250 |
1.85 |
15 |
|
1,200 |
1.61 |
61 |
|
1,400 |
1.65 |
77 |
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Copper Mineral
Reserves1,2,3,6 |
|
|
|
|
|
|
|
|
As at December 31, 2023 |
PROVEN |
|
PROBABLE |
|
TOTAL |
|
|
Tonnes |
Cu Grade |
Contained Cu |
|
Tonnes |
Cu Grade |
Contained Cu |
|
Tonnes |
Cu Grade |
Contained Cu |
|
Based on attributable pounds |
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0088 |
0.29 |
0.000026 |
|
— |
— |
— |
|
0.0088 |
0.29 |
0.000026 |
|
Bulyanhulu underground |
1.5 |
0.36 |
0.0052 |
|
16 |
0.36 |
0.058 |
|
18 |
0.36 |
0.063 |
|
Bulyanhulu (84.00%) total |
1.5 |
0.36 |
0.0052 |
|
16 |
0.36 |
0.058 |
|
18 |
0.36 |
0.063 |
|
Jabal Sayid surface |
0.064 |
2.63 |
0.0017 |
|
— |
— |
— |
|
0.064 |
2.63 |
0.0017 |
|
Jabal Sayid underground |
6.7 |
2.34 |
0.16 |
|
6.9 |
2.12 |
0.15 |
|
14 |
2.22 |
0.30 |
|
Jabal Sayid (50.00%) total |
6.7 |
2.34 |
0.16 |
|
6.9 |
2.12 |
0.15 |
|
14 |
2.23 |
0.30 |
|
Lumwana surface (100%) |
88 |
0.54 |
0.48 |
|
420 |
0.59 |
2.5 |
|
510 |
0.58 |
3.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
97 |
0.66 |
0.64 |
|
450 |
0.61 |
2.7 |
|
540 |
0.62 |
3.3 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
110 |
0.19 |
0.22 |
|
480 |
0.23 |
1.1 |
|
600 |
0.22 |
1.3 |
|
Zaldívar surface (50.00%) |
100 |
0.45 |
0.45 |
|
77 |
0.38 |
0.29 |
|
180 |
0.42 |
0.74 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
210 |
0.31 |
0.66 |
|
560 |
0.25 |
1.4 |
|
780 |
0.26 |
2.0 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
5.9 |
0.16 |
0.0092 |
|
130 |
0.17 |
0.22 |
|
140 |
0.17 |
0.23 |
|
NORTH AMERICA TOTAL |
5.9 |
0.16 |
0.0092 |
|
130 |
0.17 |
0.22 |
|
140 |
0.17 |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
320 |
0.41 |
1.3 |
|
1,100 |
0.38 |
4.3 |
|
1,500 |
0.39 |
5.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Silver Mineral
Reserves1,2,3,6 |
|
|
|
|
|
|
|
|
As at December 31, 2023 |
PROVEN |
|
PROBABLE |
|
TOTAL |
|
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0088 |
6.11 |
0.0017 |
|
— |
— |
— |
|
0.0088 |
6.11 |
0.0017 |
|
Bulyanhulu underground |
1.5 |
6.85 |
0.32 |
|
16 |
6.08 |
3.2 |
|
18 |
6.14 |
3.5 |
|
Bulyanhulu (84.00%) total |
1.5 |
6.84 |
0.32 |
|
16 |
6.08 |
3.2 |
|
18 |
6.14 |
3.5 |
|
AFRICA AND MIDDLE EAST TOTAL |
1.5 |
6.84 |
0.32 |
|
16 |
6.08 |
3.2 |
|
18 |
6.14 |
3.5 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
110 |
1.91 |
7.0 |
|
480 |
1.43 |
22 |
|
600 |
1.52 |
29 |
|
Pueblo Viejo surface (60.00%) |
39 |
13.15 |
16 |
|
140 |
13.26 |
58 |
|
170 |
13.24 |
74 |
|
Veladero surface (50.00%) |
20 |
13.43 |
8.5 |
|
69 |
13.83 |
31 |
|
89 |
13.74 |
39 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
170 |
5.73 |
32 |
|
690 |
5.01 |
110 |
|
860 |
5.16 |
140 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
3.8 |
7.97 |
0.98 |
|
97 |
6.93 |
22 |
|
100 |
6.97 |
23 |
|
NORTH AMERICA TOTAL |
3.8 |
7.97 |
0.98 |
|
97 |
6.93 |
22 |
|
100 |
6.97 |
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
180 |
5.79 |
33 |
|
800 |
5.27 |
140 |
|
980 |
5.36 |
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Gold Mineral
Resources1,3,6,7,8,9 |
|
|
|
|
|
|
|
|
|
|
As at December 31, 2023 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0088 |
5.89 |
0.0017 |
|
— |
— |
— |
|
0.0017 |
|
|
|
|
|
Bulyanhulu underground |
3.5 |
7.80 |
0.88 |
|
25 |
6.50 |
5.3 |
|
6.2 |
|
17 |
7.6 |
4.1 |
|
Bulyanhulu (84.00%) total |
3.5 |
7.80 |
0.88 |
|
25 |
6.50 |
5.3 |
|
6.2 |
|
17 |
7.6 |
4.1 |
|
Jabal Sayid surface |
0.064 |
0.38 |
0.00078 |
|
— |
— |
— |
|
0.00078 |
|
— |
— |
— |
|
Jabal Sayid underground |
8.8 |
0.35 |
0.098 |
|
6.8 |
0.46 |
0.10 |
|
0.20 |
|
1.3 |
0.6 |
0.026 |
|
Jabal Sayid (50.00%) total |
8.8 |
0.35 |
0.099 |
|
6.8 |
0.46 |
0.10 |
|
0.20 |
|
1.3 |
0.6 |
0.026 |
|
Kibali surface |
9.0 |
2.07 |
0.60 |
|
26 |
2.03 |
1.7 |
|
2.3 |
|
4.2 |
2.0 |
0.26 |
|
Kibali underground |
10 |
5.00 |
1.6 |
|
21 |
4.19 |
2.9 |
|
4.5 |
|
4.7 |
3.5 |
0.53 |
|
Kibali (45.00%) total |
19 |
3.63 |
2.2 |
|
47 |
3.00 |
4.6 |
|
6.8 |
|
8.8 |
2.8 |
0.79 |
|
Loulo-Gounkoto surface |
12 |
2.37 |
0.90 |
|
18 |
3.37 |
2.0 |
|
2.9 |
|
3.0 |
2.7 |
0.26 |
|
Loulo-Gounkoto underground |
19 |
4.33 |
2.7 |
|
35 |
4.38 |
4.9 |
|
7.6 |
|
13 |
2.3 |
0.95 |
|
Loulo-Gounkoto (80.00%) total |
31 |
3.59 |
3.6 |
|
53 |
4.03 |
6.9 |
|
10 |
|
16 |
2.4 |
1.2 |
|
North Mara surface |
7.7 |
3.36 |
0.83 |
|
34 |
1.63 |
1.8 |
|
2.6 |
|
3.0 |
1.6 |
0.16 |
|
North Mara underground |
6.4 |
2.20 |
0.45 |
|
28 |
2.23 |
2.0 |
|
2.5 |
|
6.9 |
1.7 |
0.38 |
|
North Mara (84.00%) total |
14 |
2.83 |
1.3 |
|
62 |
1.91 |
3.8 |
|
5.1 |
|
9.9 |
1.7 |
0.54 |
|
Tongon surface (89.70%) |
4.9 |
2.22 |
0.35 |
|
7.5 |
2.21 |
0.53 |
|
0.88 |
|
2.3 |
2.4 |
0.18 |
|
AFRICA AND MIDDLE EAST TOTAL |
82 |
3.21 |
8.4 |
|
200 |
3.26 |
21 |
|
30 |
|
55 |
3.9 |
6.8 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alturas surface (100%) |
— |
— |
— |
|
58 |
1.16 |
2.2 |
|
2.2 |
|
130 |
0.8 |
3.6 |
|
Norte Abierto surface (50.00%) |
190 |
0.63 |
3.9 |
|
1,100 |
0.53 |
19 |
|
22 |
|
370 |
0.4 |
4.4 |
|
Pascua Lama surface (100%) |
43 |
1.86 |
2.6 |
|
390 |
1.49 |
19 |
|
21 |
|
15 |
1.7 |
0.86 |
|
Porgera surface4 |
0.39 |
3.98 |
0.049 |
|
14 |
2.78 |
1.3 |
|
1.3 |
|
6.1 |
2.2 |
0.43 |
|
Porgera underground4 |
0.99 |
6.16 |
0.20 |
|
5.0 |
6.04 |
0.97 |
|
1.2 |
|
1.8 |
6.6 |
0.39 |
|
Porgera (24.50%) total4 |
1.4 |
5.55 |
0.25 |
|
19 |
3.62 |
2.3 |
|
2.5 |
|
8.0 |
3.2 |
0.82 |
|
Pueblo Viejo surface (60.00%) |
50 |
2.10 |
3.4 |
|
190 |
1.92 |
12 |
|
15 |
|
4.8 |
1.6 |
0.24 |
|
Reko Diq surface (50.00%)5 |
— |
— |
— |
|
1,800 |
0.25 |
14 |
|
14 |
|
600 |
0.2 |
3.8 |
|
Veladero surface (50.00%) |
22 |
0.60 |
0.42 |
|
110 |
0.68 |
2.3 |
|
2.7 |
|
18 |
0.5 |
0.32 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
310 |
1.06 |
10 |
|
3,600 |
0.60 |
70 |
|
81 |
|
1,100 |
0.4 |
14 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
8.3 |
1.37 |
0.37 |
|
130 |
2.14 |
8.7 |
|
9.0 |
|
42 |
1.3 |
1.7 |
|
Carlin underground |
— |
— |
— |
|
31 |
7.45 |
7.3 |
|
7.3 |
|
19 |
7.3 |
4.4 |
|
Carlin (61.50%) total |
8.3 |
1.37 |
0.37 |
|
160 |
3.18 |
16 |
|
16 |
|
61 |
3.2 |
6.2 |
|
Cortez surface |
1.1 |
1.86 |
0.064 |
|
150 |
0.83 |
4.0 |
|
4.0 |
|
81 |
0.5 |
1.3 |
|
Cortez underground |
— |
— |
— |
|
39 |
6.39 |
7.9 |
|
7.9 |
|
16 |
5.4 |
2.8 |
|
Cortez (61.50%) total |
1.1 |
1.86 |
0.064 |
|
190 |
1.97 |
12 |
|
12 |
|
97 |
1.3 |
4.0 |
|
Donlin surface (50.00%) |
— |
— |
— |
|
270 |
2.24 |
20 |
|
20 |
|
46 |
2.0 |
3.0 |
|
Fourmile underground (100%) |
— |
— |
— |
|
1.5 |
10.04 |
0.48 |
|
0.48 |
|
8.2 |
10.1 |
2.7 |
|
Hemlo surface |
— |
— |
— |
|
50 |
1.00 |
1.6 |
|
1.6 |
|
5.0 |
0.7 |
0.12 |
|
Hemlo underground |
0.98 |
4.40 |
0.14 |
|
11 |
4.32 |
1.5 |
|
1.6 |
|
2.6 |
5.9 |
0.50 |
|
Hemlo (100%) total |
0.98 |
4.40 |
0.14 |
|
61 |
1.58 |
3.1 |
|
3.2 |
|
7.7 |
2.5 |
0.62 |
|
Long Canyon surface |
— |
— |
— |
|
5.2 |
2.62 |
0.44 |
|
0.44 |
|
1.1 |
0.9 |
0.029 |
|
Long Canyon underground |
— |
— |
— |
|
1.1 |
10.68 |
0.38 |
|
0.38 |
|
0.53 |
9.1 |
0.16 |
|
Long Canyon (61.50%) total |
— |
— |
— |
|
6.4 |
4.03 |
0.82 |
|
0.82 |
|
1.6 |
3.6 |
0.18 |
|
Phoenix surface (61.50%) |
3.8 |
0.81 |
0.100 |
|
250 |
0.48 |
3.8 |
|
3.9 |
|
29 |
0.3 |
0.31 |
|
Turquoise Ridge surface |
17 |
2.22 |
1.2 |
|
23 |
2.52 |
1.9 |
|
3.1 |
|
8.1 |
2.3 |
0.60 |
|
Turquoise Ridge underground |
10 |
10.72 |
3.6 |
|
19 |
8.96 |
5.5 |
|
9.1 |
|
1.5 |
7.7 |
0.37 |
|
Turquoise Ridge (61.50%) total |
28 |
5.40 |
4.8 |
|
42 |
5.43 |
7.4 |
|
12 |
|
9.6 |
3.2 |
0.97 |
|
NORTH AMERICA TOTAL |
42 |
4.06 |
5.5 |
|
970 |
2.01 |
63 |
|
68 |
|
260 |
2.1 |
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
430 |
1.76 |
24 |
|
4,800 |
1.00 |
150 |
|
180 |
|
1,500 |
0.8 |
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Copper Mineral
Resources1,3,6,7,8,9 |
|
|
|
|
|
|
|
|
|
|
As at December 31, 2023 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
|
Tonnes |
Grade |
Contained Cu |
|
Tonnes |
Grade |
Contained Cu |
|
Contained Cu |
|
Tonnes |
Grade |
Contained Cu |
|
Based on attributable pounds |
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0088 |
0.29 |
0.000026 |
|
— |
— |
— |
|
0.000026 |
|
— |
— |
— |
|
Bulyanhulu underground |
3.5 |
0.37 |
0.013 |
|
25 |
0.37 |
0.095 |
|
0.11 |
|
17 |
0.5 |
0.078 |
|
Bulyanhulu (84.00%) total |
3.5 |
0.37 |
0.013 |
|
25 |
0.37 |
0.095 |
|
0.11 |
|
17 |
0.5 |
0.078 |
|
Jabal Sayid surface |
0.064 |
2.63 |
0.0017 |
|
— |
— |
— |
|
0.0017 |
|
— |
— |
— |
|
Jabal Sayid underground |
8.8 |
2.58 |
0.23 |
|
6.8 |
2.25 |
0.15 |
|
0.38 |
|
1.3 |
0.7 |
0.0092 |
|
Jabal Sayid (50.00%) total |
8.8 |
2.58 |
0.23 |
|
6.8 |
2.25 |
0.15 |
|
0.38 |
|
1.3 |
0.7 |
0.0092 |
|
Lumwana surface (100%) |
160 |
0.47 |
0.75 |
|
1,200 |
0.53 |
6.3 |
|
7.1 |
|
910 |
0.4 |
4.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
170 |
0.57 |
0.99 |
|
1,200 |
0.54 |
6.6 |
|
7.6 |
|
930 |
0.4 |
4.1 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
170 |
0.21 |
0.36 |
|
1,000 |
0.21 |
2.2 |
|
2.5 |
|
360 |
0.2 |
0.66 |
|
Reko Diq surface (50.00%)5 |
— |
— |
— |
|
1,900 |
0.43 |
8.3 |
|
8.3 |
|
640 |
0.3 |
2.2 |
|
Zaldívar surface (50.00%) |
220 |
0.40 |
0.90 |
|
330 |
0.36 |
1.2 |
|
2.1 |
|
21 |
0.3 |
0.070 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
400 |
0.32 |
1.3 |
|
3,300 |
0.35 |
12 |
|
13 |
|
1,000 |
0.3 |
2.9 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
5.9 |
0.16 |
0.0092 |
|
350 |
0.16 |
0.55 |
|
0.56 |
|
31 |
0.2 |
0.050 |
|
NORTH AMERICA TOTAL |
5.9 |
0.16 |
0.0092 |
|
350 |
0.16 |
0.55 |
|
0.56 |
|
31 |
0.2 |
0.050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
580 |
0.39 |
2.2 |
|
4,900 |
0.39 |
19 |
|
21 |
|
2,000 |
0.4 |
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Silver Mineral
Resources1,3,6,7,8,9 |
|
|
|
|
|
|
|
|
|
|
As at December 31, 2023 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0088 |
6.11 |
0.0017 |
|
— |
— |
— |
|
0.0017 |
|
— |
— |
— |
|
Bulyanhulu underground |
3.5 |
6.91 |
0.78 |
|
25 |
6.36 |
5.2 |
|
6.0 |
|
17 |
7.4 |
4.0 |
|
Bulyanhulu (84.00%) total |
3.5 |
6.90 |
0.78 |
|
25 |
6.36 |
5.2 |
|
6.0 |
|
17 |
7.4 |
4.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
3.5 |
6.90 |
0.78 |
|
25 |
6.36 |
5.2 |
|
6.0 |
|
17 |
7.4 |
4.0 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
190 |
1.62 |
10 |
|
1,100 |
1.23 |
43 |
|
53 |
|
370 |
1.0 |
11 |
|
Pascua-Lama surface (100%) |
43 |
57.21 |
79 |
|
390 |
52.22 |
660 |
|
740 |
|
15 |
17.8 |
8.8 |
|
Pueblo Viejo surface (60.00%) |
50 |
12.01 |
19 |
|
190 |
11.74 |
72 |
|
92 |
|
4.8 |
8.1 |
1.2 |
|
Veladero surface (50.00%) |
22 |
13.90 |
9.7 |
|
110 |
13.95 |
47 |
|
57 |
|
18 |
15 |
8.7 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
310 |
11.95 |
120 |
|
1,800 |
14.41 |
820 |
|
940 |
|
410 |
2.3 |
30 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
3.8 |
7.97 |
0.98 |
|
250 |
6.12 |
48 |
|
49 |
|
29 |
5.4 |
5.1 |
|
NORTH AMERICA TOTAL |
3.8 |
7.97 |
0.98 |
|
250 |
6.12 |
48 |
|
49 |
|
29 |
5.4 |
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
310 |
11.84 |
120 |
|
2,000 |
13.32 |
870 |
|
990 |
|
450 |
2.7 |
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Summary Gold Mineral
Reserves1,2,3 |
|
For the years ended December 31 |
2023 |
2022 |
|
|
Ownership |
Tonnes |
Grade |
Ounces |
Ownership |
Tonnes |
Grade |
Ounces |
|
Based on attributable ounces |
% |
(Mt) |
(g/t) |
(Moz) |
% |
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
84.00 |
% |
0.0088 |
5.89 |
0.0017 |
84.00 |
% |
— |
— |
— |
|
Bulyanhulu underground |
84.00 |
% |
18 |
6.05 |
3.4 |
84.00 |
% |
13 |
6.34 |
2.7 |
|
Bulyanhulu Total |
84.00 |
% |
18 |
6.05 |
3.4 |
84.00 |
% |
13 |
6.34 |
2.7 |
|
Jabal Sayid surface |
50.00 |
% |
0.064 |
0.38 |
0.00078 |
50.00 |
% |
0.069 |
0.34 |
0.00076 |
|
Jabal Sayid underground |
50.00 |
% |
14 |
0.34 |
0.15 |
50.00 |
% |
13 |
0.31 |
0.13 |
|
Jabal Sayid Total |
50.00 |
% |
14 |
0.34 |
0.15 |
50.00 |
% |
13 |
0.31 |
0.13 |
|
Kibali surface |
45.00 |
% |
24 |
2.05 |
1.6 |
45.00 |
% |
20 |
2.16 |
1.4 |
|
Kibali underground |
45.00 |
% |
24 |
4.10 |
3.1 |
45.00 |
% |
23 |
4.21 |
3.2 |
|
Kibali Total |
45.00 |
% |
47 |
3.07 |
4.7 |
45.00 |
% |
44 |
3.26 |
4.6 |
|
Loulo-Gounkoto surface |
80.00 |
% |
24 |
2.84 |
2.1 |
80.00 |
% |
25 |
2.65 |
2.2 |
|
Loulo-Gounkoto underground |
80.00 |
% |
33 |
4.81 |
5.1 |
80.00 |
% |
28 |
4.98 |
4.5 |
|
Loulo-Gounkoto Total |
80.00 |
% |
57 |
3.99 |
7.2 |
80.00 |
% |
54 |
3.87 |
6.7 |
|
North Mara surface |
84.00 |
% |
30 |
1.90 |
1.8 |
84.00 |
% |
29 |
2.06 |
2.0 |
|
North Mara underground |
84.00 |
% |
9.3 |
3.60 |
1.1 |
84.00 |
% |
9.5 |
3.43 |
1.0 |
|
North Mara Total |
84.00 |
% |
39 |
2.30 |
2.9 |
84.00 |
% |
39 |
2.40 |
3.0 |
|
Tongon surface |
89.70 |
% |
5.5 |
1.98 |
0.35 |
89.70 |
% |
7.8 |
2.25 |
0.56 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
180 |
3.24 |
19 |
|
170 |
3.22 |
18 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
Norte Abierto surface |
50.00 |
% |
600 |
0.60 |
12 |
50.00 |
% |
600 |
0.60 |
12 |
|
Porgera surface4 |
24.50 |
% |
5.0 |
3.55 |
0.57 |
24.50 |
% |
5.0 |
3.55 |
0.57 |
|
Porgera underground4 |
24.50 |
% |
2.9 |
6.96 |
0.65 |
24.50 |
% |
2.9 |
6.96 |
0.65 |
|
Porgera Total4 |
24.50 |
% |
7.9 |
4.81 |
1.2 |
24.50 |
% |
7.9 |
4.81 |
1.2 |
|
Pueblo Viejo surface |
60.00 |
% |
170 |
2.14 |
12 |
60.00 |
% |
170 |
2.19 |
12 |
|
Veladero surface |
50.00 |
% |
89 |
0.70 |
2.0 |
50.00 |
% |
85 |
0.71 |
1.9 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
870 |
0.96 |
27 |
|
870 |
0.97 |
27 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
Carlin surface |
61.50 |
% |
65 |
2.39 |
5.0 |
61.50 |
% |
73 |
2.27 |
5.4 |
|
Carlin underground |
61.50 |
% |
17 |
8.34 |
4.6 |
61.50 |
% |
17 |
8.79 |
4.8 |
|
Carlin Total |
61.50 |
% |
82 |
3.64 |
9.7 |
61.50 |
% |
90 |
3.50 |
10 |
|
Cortez surface |
61.50 |
% |
110 |
0.82 |
2.8 |
61.50 |
% |
110 |
0.90 |
3.1 |
|
Cortez underground |
61.50 |
% |
27 |
7.27 |
6.3 |
61.50 |
% |
26 |
7.78 |
6.5 |
|
Cortez Total |
61.50 |
% |
130 |
2.13 |
9.0 |
61.50 |
% |
130 |
2.26 |
9.6 |
|
Hemlo surface |
100 |
% |
27 |
0.97 |
0.84 |
100 |
% |
18 |
1.49 |
0.86 |
|
Hemlo underground |
100 |
% |
6.8 |
4.12 |
0.90 |
100 |
% |
5.1 |
4.88 |
0.81 |
|
Hemlo Total |
100 |
% |
34 |
1.60 |
1.7 |
100 |
% |
23 |
2.25 |
1.7 |
|
Phoenix surface |
61.50 |
% |
100 |
0.58 |
1.9 |
61.50 |
% |
100 |
0.59 |
2.0 |
|
Turquoise Ridge surface |
61.50 |
% |
22 |
2.36 |
1.7 |
61.50 |
% |
11 |
2.27 |
0.77 |
|
Turquoise Ridge underground |
61.50 |
% |
20 |
10.66 |
6.9 |
61.50 |
% |
23 |
9.82 |
7.2 |
|
Turquoise Ridge Total |
61.50 |
% |
43 |
6.29 |
8.6 |
61.50 |
% |
33 |
7.43 |
8.0 |
|
NORTH AMERICA TOTAL |
|
390 |
2.45 |
31 |
|
380 |
2.54 |
31 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
1,400 |
1.65 |
77 |
|
1,400 |
1.67 |
76 |
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Mineral Reserves and Resources
Endnotes
- Mineral reserves (“reserves”) and mineral resources
(“resources”) have been estimated as at December 31, 2023
(unless otherwise noted) in accordance with National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects (“NI 43-101”) as required by Canadian securities
regulatory authorities. For United States reporting purposes, the
SEC has adopted amendments to its disclosure rules to modernize the
mineral property disclosure requirements for issuers whose
securities are registered with the SEC under the Securities and
Exchange Act of 1934, as amended (the “Exchange Act”). These
amendments became effective February 25, 2019 (the “SEC
Modernization Rules”) with compliance required for the first fiscal
year beginning on or after January 1, 2021. The SEC Modernization
Rules replace the historical property disclosure requirements for
mining registrants that were included in SEC Industry Guide 7,
which was rescinded from and after the required compliance date of
the SEC Modernization Rules. As a result of the adoption of the SEC
Modernization Rules, the SEC now recognizes estimates of
“measured”, “indicated” and “inferred” mineral resources. In
addition, the SEC has amended its definitions of “proven mineral
reserves” and “probable mineral reserves” to be substantially
similar to the corresponding Canadian Institute of Mining,
Metallurgy and Petroleum definitions, as required by NI 43-101.
U.S. investors should understand that “inferred” mineral resources
have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. In
addition, U.S. investors are cautioned not to assume that any part
or all of Barrick’s mineral resources constitute or will be
converted into reserves. Mineral resource and mineral reserve
estimations have been prepared by employees of Barrick, its joint
venture partners or its joint venture operating companies, as
applicable, under the supervision of Richard Peattie, Africa and
Middle East Mineral Resource Manager, Chad Yuhasz, Latin America
& Asia Pacific Mineral Resource Manager and Craig Fiddes, Lead
- Resource Modeling, Nevada Gold Mines and reviewed by Simon
Bottoms, Barrick’s Mineral Resource Management and Evaluation
Executive. For 2023, reserves have been estimated based on an
assumed gold price of US$1,300 per ounce, an assumed silver price
of US$18.00 per ounce, and an assumed copper price of US$3.00 per
pound and long-term average exchange rates of 1.30 CAD/US$, except
at Tongon, where mineral reserves for 2023 were calculated using
$1,500/oz; Hemlo, where mineral reserves for 2023 were calculated
using $1,400/oz and at Zaldívar, where mineral reserves for 2023
were calculated using Antofagasta guidance and an updated assumed
copper price of US$3.50 per pound. For 2022, reserves were
estimated based on an assumed gold price of US$1,300 per ounce, an
assumed silver price of US$18.00 per ounce, and an assumed copper
price of US$3.00 per pound and long-term average exchange rates of
1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022
were calculating using Antofagasta guidance and an assumed copper
price of US$3.30 per pound. Reserve estimates incorporate current
and/or expected mine plans and cost levels at each property.
Varying cut-off grades have been used depending on the
mine and type of ore contained in the reserves. Barrick’s normal
data verification procedures have been employed in connection with
the calculations. Verification procedures include industry-standard
quality control practices. Resources as at December 31, 2023
have been estimated using varying cut-off grades,
depending on both the type of mine or project, its maturity and ore
types at each property.
- In confirming our annual reserves for each of our mineral
properties, projects, and operations, we conduct a reserve test on
December 31 of each year to verify that the future
undiscounted cash flow from reserves is positive. The cash flow
ignores all sunk costs and only considers future operating and
closure expenses as well as any future capital costs.
- All mineral resource and mineral reserve estimates of tonnes,
Au oz, Ag oz and Cu tonnes are reported to the second significant
digit.
- Porgera mineral reserves and mineral resources are reported on
a 24.5% interest basis, reflecting Barrick’s ownership interest in
accordance with the Porgera Project Commencement Agreement (the
“Commencement Agreement”) completed on December 22, 2023. The
Commencement Agreement provided, among other things, for ownership
of Porgera to be held in a new joint venture called New Porgera
Limited, which is owned 51% by Papua New Guinea stakeholders and
49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL
is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group
and accordingly Barrick has a 24.5% ownership interest in the
Porgera mine. Barrick Niugini Limited has retained operatorship of
the mine. Barrick expects to include Porgera in the Company’s 2024
guidance when it reports its full year and fourth quarter results
on February 14, 2024. For additional information, see Barrick’s
press release entitled “Recommissioning Starts as Porgera Prepares
to Resume Operations in Q1 2024” dated December 22, 2023.
- Reko Diq mineral resources are reported on a 50% interest
basis, reflecting Barrick’s ownership interest following the
completion of the transaction allowing for the reconstitution of
the project on December 15, 2022. This completed the process that
began earlier in 2022 following the conclusion of a framework
agreement among the Governments of Pakistan and Balochistan
province, Barrick and Antofagasta plc, which provided a path for
the development of the project under a reconstituted structure. The
reconstituted project is held 50% by Barrick and 50% by Pakistani
stakeholders. Barrick is the operator of the project. For
additional information, see pages 41-42 of Barrick’s Third Quarter
Report 2023.
- 2023 polymetallic mineral resources and mineral reserves are
estimated using the combined value of gold, copper and silver and
accordingly are reported as gold, copper and silver mineral
resources and mineral reserves.
- For 2023, mineral resources have been estimated based on an
assumed gold price of US$1,700 per ounce, an assumed silver price
of US$21.00 per ounce, and an assumed copper price of US$4.00 per
pound and long-term average exchange rates of 1.30 CAD/US$, except
Zaldívar, where mineral resources for 2023 were calculated using
Antofagasta guidance and an assumed copper price of US$4.20 per
pound. For 2022, mineral resources were estimated based on an
assumed gold price of US$1,300 per ounce, an assumed silver price
of US$21.00 per ounce, and an assumed copper price of US$3.75 per
pound and long-term average exchange rates of 1.30 CAD/US$, except
at Zaldívar, where mineral resources for 2022 were calculated using
Antofagasta guidance and an assumed copper price of US$3.75
- All mineral resources are reported inclusive of mineral
reserves.
- Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
- All measured and indicated mineral resource estimates of grade
and all proven and probable mineral reserve estimates of grade for
Au g/t, Ag g/t and Cu % are reported to two decimal places.
- All inferred mineral resource estimates of grade for Au g/t, Ag
g/t and Cu % are reported to one decimal place.
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