Barrick is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade as it continues to unlock the value embedded in its portfolio, according to the company’s chief executive Mark Bristow.
He told the Gold Forum Americas that while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future.
“Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class assets,” he said.
“We did not have to buy them at a premium; they were embedded in the merged portfolio of Barrick and Randgold, and we just had to unlock their value.”
Bristow said they have six tier-one gold mines with more in the making, and their long-term plans are based on quality orebodies with industry-leading grades that drive improving cost profiles.
“Alongside our peerless gold portfolio, we are also building a substantial copper business, both to feed the rising demand for this strategic metal and because it enhances our growth [option] to include copper-gold porphyries,” he said.
Meanwhile, Bristow said the company has two transformative copper projects that are on track for first production in 2028.
The Reko Diq copper-gold project in Pakistan is designed to produce 400,000 tonnes of copper and 500,000 ounces of gold per year in the second phase of its development, while the Lumwana Super Pit project in Zambia will double the mine’s production over a 30-year life.
“Mining is a consumptive industry, which requires constant replacement of the ounces it depletes,” he said.
“Barrick leads the industry in orebody expansion and has more than replaced the gold reserves it has mined over the past five years. Even more significantly, the ounces that have been added are at the same or better grade than the reserves that were mined.”
Mathew Nyaungwa, Editor in Chief, Rough&Polished
