Barrick Gold Mineral Reserves Surged in 2023

SEATTLE (Scrap Monster): Barrick Gold Corporation, in a press release, noted that the company’s proven and probable gold mineral reserves totalled 77 million ounces at the end of the previous year. This compares with 76 million ounces at the end of 2022. The reserves consists of 31 million contained ounces at its North American operations.

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The company delivered a third straight year of growth in organic gold reserves, over and above annual depletion, mainly led by the Africa and Middle East region. It has successfully replaced over 140% of its gold reserves depletion since 2019, by adding almost 29 million ounces of attributable proven and probable reserves.

The attributable measured and indicated gold resources for the previous year stood at 180 million ounces.

Meantime, the attributable measured and indicated copper resources for 2023 were 21 million tonnes of copper. The growth of proven and probable copper resources by 330,000 tonnes of copper during the year was mainly driven by successful drilling programs at Lumwana, the company press release said.

The company’s strategy of investing in organic growth through exploration and mineral resource management has set it apart within the industry, said Mark Bristow, President and Chief Executive Officer, Barrick Gold Corporation.

Barrick Gold aims to boost its production profile to around 6.5 million gold equivalent ounces per year by end-2030.