BENGALURU: Canadian mining giant Barrick Gold reported a 23% increase in its proven and probable gold reserves, reaching 17.4 million ounces by the end of 2024. The surge was primarily driven by the company’s Reko Diq copper-gold project in Pakistan.
Following the completion of its feasibility study at Reko Diq, Barrick added 13 million ounces of gold to its probable reserves on an attributable basis. The company holds a 50% stake in the project, while the remaining ownership is shared by the governments of Pakistan and Balochistan. Considered one of the world’s largest underdeveloped copper-gold deposits, Reko Diq is expected to commence production by late 2028.
Additionally, Barrick’s reserves in the Africa and Middle East region saw a slight increase of 1.1%, reaching 19 million ounces, bolstered by its Loulo-Gounkoto mine in Mali and Bulyanhulu mine in Tanzania.
Meanwhile, the company faced setbacks in Mali, where it was forced to suspend operations after the country’s military-led government seized three metric tonnes of gold—valued at approximately $245 million—in a bid for a greater revenue share.
