Barrick Gold Corporation improved the quality of its group mineral reserve grade by 3% in 2021, after replacing depleting gold mineral reserves by 150%, according to the company’s annual reserve and resource report.
At $1,200/oz, attributable proven and probable mineral reserves was 69 Moz at 1.71g/t, increasing from 68 Moz at 1.66g/t in 2020.
President and chief executive Mark Bristow noted that while the mining sector experienced declining reserves and resources, successful exploration continued to replenish the company’s asset base and target pipeline, securing its business plans well in the future.
“While we look closely at all new business opportunities, we believe finding our ounces is always better than buying them. That’s why we’re still discovering real value at the end of our drill bits.”
Mark Bristow , CEO
The Company’s growth trajectory was led by the North America and Africa & Middle East regions, contributing over 8.4 Moz of attributable proven and probable reserve gains before depletion.
Massive gains made in North America were driven by the completion of the updated feasibility study of the Goldrush underground project, which increased Goldrush’s attributable and probable mineral reserves by 3.6 Moz to 4.8 Moz at 7.29g/t.
At the Turquoise Ridge complex, attributable proven and probable reserves increased by 1.4 Moz before depletion, principally off the back of a revised geological model at Turquoise Ridge Underground.
Performance of Operations in Africa
In Africa, the Company’s operations in Bulyanhulu, Tanzania, completed an updated underground feasibility study of the Deep West portion of the ore body. This provided room for an increase in attributable proven and probable reserves by 0.77 Moz before depletion through the conversion of inferred mineral resources.
Still in Tanzania, a fully optimized integrated mine plan at North Mara has improved attributable proven and probable reserves by 1.1 Moz before depletion. Also, Barrick’s two Tier One mines in Africa also delivered strong results, with Kibali able to more than replace depletion of reserves and Loulo-Gounkoto replenishing 98% of depletion for the year.
Total attributable group gold resources, excluding the impact of disposition and equity changes mainly related to Lagunas Norte and Porgera, grew net of depletion, resulting in a 126% replacement of depletion. Mineral resources are reported inclusive of reserves and at a gold price of $1,500/oz. Attributable measured and indicated gold resources for 2021 stood at 160 Moz at 1.50g/t, with a further 42 Moz at 1.3g/t of inferred resources.
Additionally, copper mineral reserves for 2021 are estimated using a copper price of $2.75 per pound and mineral resources are estimated at $3.50 per pound, both unchanged from 2020.
Attributable proven and probable copper reserves were 12 billion pounds at an average grade of 0.38% in 2021. Attributable measured and indicated copper resources were 24 billion pounds at an average grade of 0.35%, and inferred copper resources were 2.1 billion pounds at an average grade of 0.2% in 2021. Mineral resources are reported inclusive of reserves.
Mineral resource management executive Rodney Quick commented:
“The geological improvements and remodelling are now starting to make a real impact. The incorporation and integration of mine design optimisations are also driving many of the mineral resource additions. A sound understanding of the geological ore body has been integrated with a better understanding of local variations in the geotechnical and metallurgical disciplines to produce integrated and optimized mine designs.”
Rodney Quick , Mineral Resource Management Exec.
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