Reko Diq to drive Barrick’s 30% production growth

September 19, 2024 (MLN): Pakistan’s Reko Diq copper-gold project is poised to deliver 400,000 tonnes of copper and 500,000 ounces of gold annually in its second phase, contributing to Barrick Gold’s ambitious 30% boost in gold-equivalent production by decade's end.

As Barrick unlocks the untapped value within its existing portfolio, the company positions itself for significant organic growth while leveraging world-class assets across both gold and copper markets,  according to a news report by mining.com.

Meanwhile, the Lumwana Super Pit project in Zambia, slated for construction in 2025, could double its output over a 30-year mine life.

At the Gold Forum Americas, Barrick CEO Mark Bristow shared that while the company remains open to consolidation opportunities, its strong asset base allows it to focus on long-term organic growth.

“Five years ago, we set out to build a profitable and sustainable gold and copper business with world-class assets. These assets came from the Barrick-Randgold merger, and we’ve been unlocking their value ever since,” Bristow said.

Currently, Barrick operates six Tier 1 gold mines, with more in the pipeline. Bristow highlighted three major gold projects in Nevada, calling it the top mining jurisdiction globally.

Among them is Goldrush, which aims to reach 400,000 ounces of annual production by 2028. Nearby is Fourmile, with grades twice as high as Goldrush, marking it as another potential Tier 1 mine.

The 14-million-ounce Leeville project also promises to significantly boost reserves at the Carlin complex, extending its life beyond 2045.

Bristow added that Barrick has consistently expanded its orebody and replaced mined reserves with higher or equal-grade resources.

On the copper front, Barrick is positioning itself to meet rising demand. Two key projects are expected to start production in 2028.

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