Barrick Gold publishes 2022 annual report

The company said, "The past year marked a major milestone in Barrick’s journey to becoming the world’s most valued gold and copper mining company, with the foundational targets of the new business created by the Merger1 having largely been met, and its greater goals now within reach, says president and chief executive Mark Bristow with the publication of the company’s 2022 annual report. "North America is Barrick’s value foundation and the true benefits of our creation of the Nevada Gold Mines complex are now becoming evident in the form of mineral resource growth and new discoveries. The quality and prospectivity of its portfolio cannot be overstated," he said. "In Central America the plant expansion project we initiated at the Pueblo Viejo gold mine in the Dominican Republic is rapidly taking shape. With its unlocked reserve base now standing at 20 million ounces, the life of the mine – one of the six Tier One3 assets in our gold portfolio – has been extended beyond 2040 and it will maintain an average annual production rate above 800,000 ounces over that time. Another of our Tier One assets, the Loulo-Gounkoto complex in Mali, which has produced more than 9 million ounces of gold since 2005, is set to maintain its current rate of production for the next 10 years, with its life extending to 20375." Bristow said Barrick was also achieving its strategic objective of significantly expanding its copper holdings. Work on the reconstituted Reko Diq project in Pakistan – one of the largest and highest quality undeveloped copper-gold deposits in the world – has started, and the revitalized Lumwana mine in Zambia has commenced a pre-feasibility study on the Super Pit expansion. When both these projects are completed in 2028 they will elevate Barrick into the front rank of copper producers. "Brownfields exploration continues to unlock potential around our existing assets while greenfields work has started delivering real value. We’re continuing to expand our global exploration footprint with active programs elsewhere in North America as well as in Latin America, Saudi Arabia and Egypt," he said. "One of the highlights of last year was the continued growth in our gold reserves and resources, driven by our strategy of investing in organic growth through exploration and mineral resource management. Barrick’s ability over time to more than replace the ounces we mine reinforces our sustainability and our sector-leading production profile."