Barrick’s gold reserves rise in 2024 on Reko Diq project

Canadian miner Barrick Gold’s overall proven and probable gold reserves jumped 23% to 17.4 million ounces at the end of 2024, lifted by its Reko Diq copper-gold project, the company said on Thursday.

The company added 13 million ounces of gold to its probable reserves on an attributable basis following the completion of its feasibility study at Reko Diq.

Barrick owns a 50% stake in the mine and the governments of Pakistan, and the province of Balochistan own rest. Barrick considers the mine as one of the world’s largest underdeveloped copper-gold areas.

It is expected to start production by the end of 2028.

Barrick CEO speaks about Reko Diq mine: $74bn in free cash flow likely over 37 years

The company’s reserves in the Africa and Middle East region edged up about 1.1% to 19 million ounces in 2024, driven by its Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania.

Barrick last month suspended operations at its Mali mine after the military-led government in December seized three metric tons of gold worth about $245 million, as part of a demand for a bigger share of revenue.