Barrick Gold Sees 23% Rise in Global Gold Reserves Despite Challenges
Barrick Gold (TSX: ABX, NYSE: GOLD) has reported a 23% increase in its global gold reserves following a comprehensive assessment of Pakistan's Reko Diq project. For more details on the announcement, visit the source here. According to data from the IndexBox platform, Barrick's attributable proven and probable gold reserves surged by 17.4 million ounces in 2024 prior to depletion.
The company's Toronto-based headquarters highlighted that proven and probable mineral reserves have now escalated to 89 million ounces with a grading of 0.99 grams per tonne, an increment from last year's 77 million ounces at 1.65 grams per tonne. Despite rising gold prices, operational challenges in Mali, Papua New Guinea, and the Dominican Republic have negatively impacted Barrick's stock. The company's difficulties include a suspension of operations at the Loulo-Gounkoto complex in Mali due to a government claim of unpaid taxes amounting to US$512 million.
In contrast to the iShares S&P/TSX Index Global Gold Index ETF, which has seen a 57% gain over the past five years, Barrick's shares have dipped approximately 6% in Toronto trading over the same period. Current trading places Barrick's shares at $24.54, giving the company a market value of around $42.4 billion.
Barrick, the world's third-largest gold miner by market capitalization, is focusing on ventures like Reko Diq to drive organic growth. The company has surpassed 180% in reserve replacement since 2019's end, adding nearly 46 million ounces of attributable proven and probable reserves. Following a recent feasibility study, Reko Diq's conversion to mineral reserves contributed 13 million ounces of gold at a grade of 0.28 grams per tonne.
In addition to gold, Barrick reported a tripling of its copper mineral reserves to 18 million tonnes year-on-year, bolstered by favorable feasibility studies at Lumwana and Reko Diq, affirming their prestigious 'Tier One' project status. Copper grade enhancement to 0.45% marks an improvement from last year's 0.39%. Barrick's reserve calculations are based on updated price assumptions: US$1,400 per oz. for gold and US$3 per pound for copper, transitioning to US$1,900 and US$4 for 2024, respectively.
Reko Diq: Key to Barrick's Copper Expansion
Positioned in the Chagai mountain range, recognized for its copper-gold riches within the Tethyan Magmatic Arc, Reko Diq is integral to Barrick's copper expansion strategy aligned with the global energy shift. The project is forecasted to generate approximately US$74 billion in free cash flow over 37 years based on long-term commodity price consensus, as noted by CEO Mark Bristow.
Barrick has earmarked US$5.5 billion for the development of Reko Diq's initial stage, with production expected to reach 200,000 tonnes of copper concentrate and 250,000 ounces of gold annually in its early years. Completion of the starter mine is scheduled by 2029, and a subsequent second stage, demanding an additional $3.5 billion investment, is anticipated to double production outputs, Bristow added.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption, By Country, 2018–2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024
