Barrick Anticipates 30% Increase in Gold-Equivalent Production by 2030

“Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class assets.  We did not have to buy them at a premium: they were embedded in the merged portfolio of Barrick and Randgold and we just had to unlock their value,” Bristow said in a news release.

According to the executive, the company currently has six Tier 1 gold mines, with more coming through the pipeline. He specifically listed three world-class gold opportunities, all in Nevada, which he described as the world’s premier mining jurisdiction. 

The recently commissioned Goldrush is ramping up to a targeted 400,000 ounces per annum by 2028. Bordering on Goldrush is the 100%-owned Fourmile, which is returning grades double those of Goldrush and is another Tier 1 mine in the making. Also in Nevada, the 14-million-ounce Leeville project is developing into a major growth driver that could double or triple Carlin’s reserves, extending its life beyond 2045.

Bristow also noted that his company leads the industry in orebody expansion and has more than replaced the gold reserves it has mined over the past five years. “Even more significantly, the ounces that have been added are at the same or better grade than the reserves that were mined,” he said.

More copper in 2028

Alongside the projected growth in its gold business, CEO Bristow stressed that the company is also building a substantial copper portfolio, both to feed the rising demand for the critical metal and because it enhances its growth optionality to include copper-gold porphyries.

According to Barrick, there are two transformative projects are on track for first production in 2028. The Reko Diq copper-gold project in Pakistan is designed to produce 400,000 tonnes of copper and 500,000 ounces of gold per year in the second phase of its development.

The Lumwana Super Pit project in Zambia, for which the company expects to complete a feasibility study by year-end and begin construction in 2025, is expected double the mine’s production over a 30-plus-year life.

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