Barrick Aims to Double Copper Output by 2030

SEATTLE (Scrap Monster): Barrick plans to double its copper production by the end of the current decade. According to Mark Bristow, President and CEO, Barrick, the company has set a goal of increasing the output to 1 billion pounds or 450,000 tonnes of copper per annum by 2031.

During an update call to investors, Bristow noted that the projected growth in copper production coupled with the sustained strong gold output will boost the miner’s attributable production by nearly 30% to around 6.8 million gold-equivalent ounces by 2031. The value of its copper portfolio is currently underestimated by the market, he added.

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The Reko Diq project in Pakistan is expected to deliver an updated feasibility study by the end of next year. The full feasibility study of the Lumwana Super Pit Expansion project is expected to be completed by the same time. Incidentally, the Reko Diq project will be ranked as one of the top 10 copper mines in the world, upon reaching full production.

Additionally, Nevada Gold Mines is expected to boost its annual production to 3.7 million ounces towards end-2030. The expansion of resource base at Turquoise Ridge will significantly add to the existing ten-year production profile of 550,000-700,000 ounces per year. Also, the Pueblo Viejo expansion project will contribute immensely to the projected production growth.