Barrick’s profile as a copper producer is also growing. Exploration at the Lumwana and Jabal Sayid mines added 640 million lb. of copper to proven and probable reserves in 2022, notwithstanding an increase in the annual price to $3.00/lb. copper. This rise effectively doubled copper reserves to 12 billion lb.
When all was tallied at the end of 2022, Barrick had gold reserves of 1.4 billion tonnes grading 1.67 g/t gold (76 million contained oz.), copper reserves of 1.5 billion tonnes grading 0.38% copper (12 million contained lb.), and silver reserves of 980 million tonnes at 5.39 g/t silver (170 million oz.).
President and CEO Mark Bristow said in a sector of diminishing reserves and resources, Barrick’s strategy of investing in organic growth through exploration and mineral resource management has replenished and delivered significant value within the company’s asset base.
“While we continue to evaluate all new…
