Canadian mining giant Barrick Gold has announced a significant increase in its proven and probable gold reserves, which surged 23% to 17.4 million ounces at the end of 2024.
The boost is primarily attributed to the Reko Diq copper-gold project in Pakistan, with the company adding 13 million ounces of gold to its probable reserves following the completion of a feasibility study.
Barrick holds a 50% stake in the Reko Diq mine, with the remaining ownership shared between the governments of Pakistan and Balochistan. The mine is considered one of the world’s largest underdeveloped copper-gold deposits and is expected to begin production by the end of 2028.
Barrick’s reserves in the Africa and Middle East region also saw a slight increase of about 1.1%, reaching 19 million ounces in 2024. This growth was driven by strong performances from its Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania.
However, Barrick faced a setback in Mali, where it suspended operations at its Loulo-Gounkoto mine following the seizure of three metric tons of gold by the military-led government in December.
The seizure, valued at approximately $245 million, was part of a demand for a larger share of the revenue from the mine.
With its growing reserves and ongoing projects like Reko Diq, Barrick Gold continues to strengthen its position in the global gold and copper market, despite challenges in certain regions.
The company remains optimistic about the future, particularly with the expected start of production at Reko Diq by 2028, which could significantly impact its growth prospects in the years to come.