Barrick Gold’s Reserves Surge 23%, Boosted by Reko Diq Project
Barrick Gold Corporation’s proven and probable gold reserves increased by 23% to 17.4 million ounces by the end of 2024, driven by the addition of its Reko Diq copper-gold project, the company announced on Thursday.
Following the completion of its feasibility study at Reko Diq, Barrick added 13 million ounces of gold to its probable reserves on an attributable basis.
The company holds a 50% stake in the project, while the governments of Pakistan and Balochistan own the remaining share. Barrick considers Reko Diq one of the world’s largest undeveloped copper-gold deposits, with production expected to commence by late 2028.
In Africa and the Middle East, Barrick’s gold reserves increased by approximately 1.1% to 19 million ounces in 2024, bolstered by its Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania.
However, the company recently faced setbacks in Mali, where it suspended operations at its Loulo-Gounkoto mine after the military-led government seized three metric tons of gold—valued at around $245 million—in December as part of a push for a greater share of revenue.
