Barrick Gold’s reserves surge 23pc to 17.4 million ounces, thanks to Reko Diq

BENGALURU: Canadian mining company Barrick Gold announced on Thursday that its overall proven and probable gold reserves increased by 23% to 17.4 million ounces at the end of 2024, largely due to the Reko Diq copper-gold project, reported Dawn.

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

Barrick holds a 50% stake in the mine, while the remaining ownership is shared by the governments of Pakistan and Balochistan. The mine is regarded as one of the largest unexplored copper-gold deposits globally, with production anticipated to commence by the end of 2028.

Also read: Saudi Arabia set to buy 10-20pc stake in Reko Diq gold project

Additionally, Barrick reported a slight increase of approximately 1.1% in its reserves for the Africa and Middle East region, totaling 19 million ounces in 2024, primarily thanks to its Loulo-Gounkoto mine in Mali and Bulyanhulu mine in Tanzania.