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Barrick Gold Sees 23% Rise in Global Gold Reserves Despite Challenges
Feb 7, 2025

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.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND THE AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and its Prospects

    1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    4. PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    5. MARKET FORECAST TO 2035

  4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

    Finding New Products to Diversify Your Business

    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCTS
    4. MOST TRADED PRODUCTS
    5. MOST PROFITABLE PRODUCTS FOR EXPORTS

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Export

    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
    3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
    3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    5. Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    6. Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    7. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
    8. Market Volume Forecast to 2035
    9. Market Value Forecast to 2035
    10. Market Size and Growth, By Product
    11. Average Per Capita Consumption, By Product
    12. Exports and Growth, By Product
    13. Export Prices and Growth, By Product
    14. Production Volume and Growth
    15. Exports and Growth
    16. Export Prices and Growth
    17. Market Size and Growth
    18. Per Capita Consumption
    19. Imports and Growth
    20. Import Prices
    21. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    22. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    23. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    24. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    25. Imports, In Physical Terms, By Country, 2024
    26. Imports, In Physical Terms, By Country, 2012–2024
    27. Imports, In Value Terms, By Country, 2012–2024
    28. Import Prices, By Country, 2012–2024
    29. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    30. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    31. Exports, In Physical Terms, By Country, 2024
    32. Exports, In Physical Terms, By Country, 2012–2024
    33. Exports, In Value Terms, By Country, 2012–2024
    34. Export Prices, By Country, 2012–2024

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