Canadian Rudar Barrick Gold reported an increase of 23% in the total proven and probable gold reserves, reaching 17.4 million ounces (BRA) at the end of 2024.
This rise is primarily attributed to the POKO DIQ Copper-Gold project in Chagai County in Balochistan, Pakistan.
A company that can be attributed to proven and probable gold reserves was 89moz at 0.99 grams per tonne (G/t) in 2024, compared to 77moz at 1.65 g/t 2023.
The increase in this year was encouraged by the conversion of the resources of copper gold to the DIQ to the mineral reserves, contributing to 13moz of gold in a class of 0.28 g/t on the attribute basis, after completion of the feasibility study.
Previously, Barrick achieved the fourth consecutive year of replacement of annual exhaustion at a 4% higher rating.
Rudnik said Diq, in which Barrick owns a 50% stake, is considered “one of the world’s largest underdeveloped areas of copper gold”, and is expected to start production by the end of 2028, reported Reuters.
In the region of Africa and the Middle East, the company reserves increased slightly by about 1.1% to 19moz in 2024, contributing to the Loulo-Goukototo Mine in Mali and the Bulyanhul Mine in Tanzania.
Barrick has replaced more than 180% of his exhausted gold reserves, adding almost 46moz from proven and likely reserves through his controlled property since the end of 2019.
The measured and indicated gold resources for 2024 remained consistent at 180moz at 1.06 g/t, and the concluded resources increased by 5% of 2023 to 41moz at 0.9 g/t.
In addition, copper mineral reserves increased by 224% on an annual basis on the broth, with more than 13% higher grades, resulting in 18 million tons (MT) copper at 0.45%.
This increase in copper reserves is a consequence of the completion of the study of Lumwan and said Diq, which also confirmed as copper projects.
The Lumwana Super Pit execution study itself added only 5.5mt copper reserves, while the study by Diq contributed an additional 7.3mt copper to the company reserves.
Latin America and the Asian-Pacific Region, driven by Pueblo Viejo Mine in the Dominican Republic, replaced 115% of regional gold exhaustion for 2024, before including the Reka DIQ. Porger mine recorded a growth of 22% in the attributable gold reserves from year to year.
The President and CEO of Barricka Mark Bristow said: “In order for our industry to help build a better world, we have to invest in our own future, with transformation projects such as Lumwana Super Pit expansion, Pueblo Viejo’s expansion, said Diq and Fourmile. Barrick’s vision of these projects is expanded outside of mining, ensuring that the benefits of these investments provide multigenerational benefits to our countries hosts and local communities through the development of partnerships of local services and investment in the sustainability of our operational environment. “
