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Barrick Gold Corp.

Barrick Gold Corporation Sees 30% Growth in Production by 2030

Strategic Insights

— 1 min read

Barrick Gold Corporation's president and chief executive, Mark Bristow, shared his vision for the company's growth at the Gold Forum Americas. Bristow emphasized the company's ability to unlock the value in its existing assets and organic growth potential. He highlighted six Tier One gold mines, including the recently commissioned Goldrush and the 100% Barrick-owned Fourmile in Nevada. Barrick's long-term plans focus on quality orebodies with industry-leading grades, driving improving cost profiles.

Key Takeaways:

  • Barrick Gold Corporation projects a 30% growth in gold-equivalent ounces production from its existing assets by the end of the decade.
  • The company has six Tier One gold mines, including Goldrush and Fourmile in Nevada, with more in the making.
  • Barrick's long-term plans are based on quality orebodies with industry-leading grades that drive improving cost profiles.
  • The company is building a substantial copper business, which enhances its growth optionality to include copper-gold porphyries.
  • Barrick has two transformative copper projects on track for first production in 2028: Reko Diq in Pakistan and Lumwana Super Pit in Zambia.
  • Since 2019, Barrick has reduced net debt by $3.5 billion, invested $11.2 billion in life-of-mine plans, and returned more than $5 billion to shareholders.

Statistics:

  • 30% growth in gold-equivalent ounces production from existing assets by 2030.
  • Six Tier One gold mines, including Goldrush and Fourmile in Nevada.
  • 100% Barrick-owned Fourmile in Nevada returns grades double those of Goldrush.
  • 14-million-ounce Leeville project in Nevada could double or triple Carlin's reserves, extending its life beyond 2045.
  • Reko Diq copper-gold project in Pakistan will produce 400,000 tonnes of copper and 500,000 ounces of gold per year in its second phase.
  • Lumwana Super Pit project in Zambia will double the mine's production over a +30-year life.

Sources:

1. Barrick Gold Corporation news release.

2. Tier One designation by the PDAC (Prospectors & Developers Association of Canada).

3. Goldrush production target of 400,000 ounces per annum by 2028.

4. Fourmile project grading twice that of Goldrush.

5. Leeville project's potential to double or triple Carlin's reserves.

6. Barrick's orebody expansion and reserve replacement achievements.

7. Analysts' consensus net asset value calculations, as quoted by Bristow.

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