Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) grew attributable
proven and probable gold mineral reserves by 6.7 million ounces net
of depletion in 2022, while maintaining grade despite an increase
in the reserve price assumption. Reported at $1,300/oz1,
attributable proven and probable mineral reserves now stand at
76 million ounces2 at 1.67g/t, increasing from 69 million
ounces3 at 1.71g/t reported at $1,200/oz1 in 2021. Led by Pueblo
Viejo and the Africa & Middle East region, Barrick has now
delivered a second consecutive year of gold reserve growth over and
above annual depletion, with nearly 12 million ounces2 of
attributable proven and probable reserve gains in 2022 before
depletion.
Successful exploration at both the Lumwana and
Jabal Sayid mines drove the growth of attributable proven and
probable copper reserves by 640 million pounds2, notwithstanding an
increase in the annual reserve price assumption to $3.00/lb1. As a
result, Barrick replaced 103% of annual global depletion at
consistent quality, effectively maintaining attributable proven and
probable copper mineral reserves of 12 billion pounds2 at 0.38% in
2022.
Total attributable gold mineral resources grew
by nearly 10% relative to 2021, and total attributable copper
mineral resources more than doubled, growing by 124% year over
year, both net of annual depletion. This growth was driven by the
successful completion of a preliminary economic assessment
supporting the Lumwana Super Pit expansion, and the incorporation
of Reko Diq following the reconstitution of the project in December
2022. Attributable measured and indicated gold resources for 2022
stand at 180 million ounces2 at 1.07g/t, with a further
42 million ounces2 at 0.8g/t of inferred resources.
Attributable measured and indicated copper resources for 2022 stand
at 44 billion pounds2 at 0.39%, with a further 15 billion pounds2
at 0.4% of inferred resources. Mineral resources are reported
inclusive of reserves and for 2022, are based on a gold price of
$1,700/oz1 and a copper price of $3.75/lb1.
President and chief executive 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
opportunities against our strategic filters, we have always
believed that finding our ounces is better than buying them, and
this year’s resource and reserve statement showcases the unmatched
potential of our organic growth pipeline,” said Bristow.
Mineral Resource Management and Evaluation
Executive Simon Bottoms stated that basing the company’s reserve
calculations at a price of $1,300/oz for gold1 and $3.00/lb for
copper1 underpins our focus on quality assets.“The substantial
growth in our mineral resources lays the long-term foundation to
potentially grow our current attributable production profile of
approximately 5.5 million gold equivalent ounces4 per year to
approximately 6.5 million gold equivalent ounces4 per year by the
end of this decade, which would include production from Reko Diq
and the Lumwana Super Pit,” said Bottoms.
In Africa, the Tier One5 operations led the
growth in 2022 reserves, where Kibali completed an updated
underground feasibility study on the 11000 lode, delivering a
0.62 million ounce2 increase in attributable proven and
probable reserves before depletion. Loulo-Gounkoto also delivered
strong results replacing reserve depletion, which further extended
the mine life by another year. Moving to Tanzania, the focus on
underground expansion at Gokona in North Mara has delivered a
0.44 million ounce2 increase in 2022 attributable proven and
probable reserves before depletion.
The Lumwana copper mineral resource base grew by
89%, net of depletion, relative to 2021. This follows the
completion of the preliminary economic assessment on the Super Pit
expansion that demonstrates strong potential for a Tier One Copper
Asset5 and provides the basis for the ongoing pre-feasibility
study.
Within the Latin America & Asia Pacific
region, Pueblo Viejo completed a pre-feasibility study for the new
Naranjo tailings storage facility (TSF), adding 6.5 million ounces
of attributable proven and probable reserves2,6, net of depletion,
and extending the minelife beyond 2040. As a result, 2022
attributable proven and probable gold reserves for the region have
increased to 27 million ounces2 at 0.97g/t from 21 million ounces3
at 0.83g/t in 2021.
The reconstitution of the Reko Diq project added
an attributable 18 billion pounds of copper2 at 0.44% with 15
million ounces gold2 at 0.26g/t to indicated resources, and an
attributable 4.6 billion pounds of copper2 at 0.4% with 3.7 million
ounces gold2 at 0.2g/t to inferred resources. These mineral
resources reflect only three porphyries (H13, H14, H15) as well as
the Tanjeel deposit within the cluster of Western Porphyries.
Alongside the ongoing feasibility study update, the team is also
planning to evaluate further known porphyry occurrences within the
mining lease area.
In North America, the completion of
pre-feasibility studies for the Robertson open pit project at
Cortez, as well as a new pushback in the Hemlo open pit were
significant contributors to reserve growth. As a result,
Robertson’s maiden attributable proven and probable gold reserves
are estimated at 1.0 million ounces2 at 0.46g/t. This represents a
milestone for Cortez as a key source of oxide mill feed in the mine
plan. Similarly, the new Hemlo open pit pushback is expected to
commence in 2027 adding 0.86 million ounces2 of gold at 1.49g/t to
probable reserves. Combined with other updates across the region,
this results in the growth of North America attributable proven and
probable reserves by 1.8 million ounces2 before depletion, with
proven and probable attributable reserves for the region now
estimated at 31 million ounces2 at 2.54g/t. At the same time,
attributable gold mineral resources also grew significantly,
supporting future potential reserve growth in line with our
strategy to fully replace depletion for the region within a
five-year period. Measured and indicated attributable gold
resources increased by 2.8 million ounces2 to 73 million ounces2 at
2.16 g/t, from 70 million ounces3 at 2.22 g/t in 2021. Inferred
attributable gold resources also increased to 17 million ounces2 at
1.8 g/t, from 16 million ounces3 at 2.0 g/t in 2021. Underground
resource extension drilling at both Goldstrike and Leeville in
Carlin were key drivers of this organic resource growth, as well as
successful resource definition drilling at Goldrush and Robertson
in Cortez, all of which support the potential for future reserve
growth in this region.Enquiries:
President and CEOMark Bristow+1 647 205 7694+44
788 071 1386
Senior EVP and CFOGraham Shuttleworth+1 647 262
2095+44 779 771 1338
Investor and Media RelationsKathy du Plessis+44
20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this news release has been reviewed and approved by:
Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource
Management and Evaluation Executive; Craig Fiddes, SME-RM, Manager
- Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral
Resource Manager, Latin America and Asia Pacific; and Richard
Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa &
Middle East — each a “Qualified Person” as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Endnote 1
Commodity |
Proven and Probable ReservePrice Assumptions |
Measured, Indicated and InferredResource Price
Assumptions |
2021 |
2022 |
2021 |
2022 |
Gold |
$1,200/oz |
$1,300/oz |
$1,500/oz |
$1,700/oz |
Copperi |
$2.75/lb |
$3.00/lb |
$3.50/lb |
$3.75/lb |
Silver |
$16.50/oz |
$18.00/oz |
$20.50/oz |
$21.00/oz |
i Except at Zaldivar, where mineral reserves and
resources are based on Antofagasta’s price assumptions. For mineral
reserves, the copper price assumption used by Antofagasta was $3.10
per pound for both 2021 and 2022. For mineral resources, the copper
price assumption used by Antofagasta was $3.60 per pound for 2021
and $3.75 per pound for 2022.
Endnote 2
Estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2022, unless otherwise noted. Proven mineral
reserves of 260 million tonnes grading 2.26g/t, representing 19
million ounces of gold, and 390 million tonnes grading 0.40%,
representing 3,500 million pounds of copper. Probable reserves of
1,200 million tonnes grading 1.53g/t, representing 57 million
ounces of gold, and 1,100 million tonnes grading 0.37%,
representing 8,800 million pounds of copper. Measured resources of
480 million tonnes grading 2.13g/t, representing 33 million ounces
of gold, and 700 million tonnes grading 0.39%, representing 6,000
million pounds of copper. Indicated resources of 4,700 million
tonnes grading 0.96g/t, representing 150 million ounces of gold,
and 4,500 million tonnes grading 0.39%, representing 38,000 million
pounds of copper. Inferred resources of 1,500 million tonnes
grading 0.8g/t, representing 42 million ounces of gold, and 1,800
million tonnes grading 0.4%, representing 15,000 million pounds of
copper. Complete mineral reserve and mineral resource data for all
mines and projects referenced in this press release, including
tonnes, grades, and ounces, can be found in the Mineral Reserves
and Mineral Resources Tables included on the following pages of
this press release.
Endnote 3
Estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2021, unless otherwise noted. Proven mineral
reserves of 240 million tonnes grading 2.20g/t, representing 17
million ounces of gold, and 380 million tonnes grading 0.41%,
representing 3,400 million pounds of copper. Probable reserves of
1,000 million tonnes grading 1.60g/t, representing 53 million
ounces of gold, and 1,100 million tonnes grading 0.37%,
representing 8,800 million pounds of copper. Measured resources of
490 million tonnes grading 2.05g/t, representing 32 million ounces
of gold, and 680 million tonnes grading 0.38%, representing 5,700
million pounds of copper. Indicated resources of 2,800 million
tonnes grading 1.40g/t, representing 130 million ounces of gold,
and 2,500 million tonnes grading 0.34%, representing 19,000 million
pounds of copper. Inferred resources of 1,000 million tonnes
grading 1.3g/t, representing 42 million ounces of gold, and 450
million tonnes grading 0.2%, representing 2,100 million pounds of
copper. Complete mineral reserve and mineral resource data for all
mines and projects referenced in this presentation as of December
31, 2021, including tonnes, grades, pounds, and ounces, can be
found on pages 34-47 of Barrick’s 2021 Annual Information Form /
Form 40-F on file with the Canadian provincial securities
regulators on SEDAR at www.sedar.com and the Securities and
Exchange Commission on EDGAR at www.sec.gov.
Endnote 4
Gold equivalent ounces calculated from our
copper assets are calculated using a gold price of $1,300/oz and
copper price of $3.00/lb.
Barrick’s ten-year indicative production profile
for gold equivalent ounces is based on the following
assumptions:
Key Outlook Assumptions |
2023 |
2024 |
2025+ |
Gold Price ($/oz) |
1,650 |
1,300 |
1,300 |
Copper Price ($/lb) |
3.50 |
3.00 |
3.00 |
Oil Price (WTI) ($/barrel) |
90 |
70 |
70 |
AUD Exchange Rate (AUD:USD) |
0.75 |
0.75 |
0.75 |
ARS Exchange Rate (USD:ARS) |
170 |
170 |
170 |
CAD Exchange Rate (USD:CAD) |
1.30 |
1.30 |
1.30 |
CLP Exchange Rate (USD:CLP) |
900 |
900 |
900 |
EUR Exchange Rate (EUR:USD) |
1.20 |
1.20 |
1.20 |
Barrick’s five-year indicative outlook is based
on our current operating asset portfolio, sustaining projects in
progress and exploration/mineral resource management initiatives in
execution. This outlook is based on our current reserves and
resources as disclosed in this press release and assumes that we
will continue to be able to convert resources into reserves.
Additional asset optimization, further exploration growth, new
project initiatives and divestitures are not included. For the
group gold and copper segments, and where applicable for a specific
region, this indicative outlook is subject to change and assumes
the following: new open pit production permitted and commencing at
Hemlo in the second half of 2025, allowing three years for
permitting and two years for pre-stripping prior to first ore
production in 2027; production from the proposed Pueblo Viejo plant
expansion and tailings project starting in 2023, in-line with
guidance; Tongon will enter care and maintenance by 2026; and
production from the Zaldívar CuproChlor® Chloride Leach Project
(Antofagasta is the operator of Zaldívar).
Our five-year indicative outlook excludes:
production from Fourmile, Pierina, and Golden Sunlight, which are
currently in care and maintenance, and production from long-term
greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and
Alturas.
Barrick’s ten-year indicative production profile
is subject to change and is based on the same assumptions as the
current five-year outlook detailed above, except that the
subsequent five years of the ten-year outlook assumes attributable
production from Fourmile as well as exploration and mineral
resource management projects in execution at Nevada Gold Mines and
Hemlo.
Barrick’s five-year and ten-year production
profile in this press release also assumes the re-start of Porgera,
as well as an indicative gold and copper production profile for
Reko Diq and an indicative copper production profile for the
Lumwana Super Pit expansion, both of which are conceptual in
nature.
Endnote 5
A Tier One Gold Asset is an asset with a reserve
potential to deliver a minimum 10-year life, annual production of
at least 500,000 ounces of gold and total cash costs per ounce over
the mine life that are in the lower half of the industry cost
curve. A Tier One Copper Asset is an asset with a reserve potential
of greater than 5 million tonnes of contained copper and C1 cash
costs per pound in the lower half of the industry cost
curve.Endnote 6
A Technical Report to support the Pueblo Viejo
mine life extension and process plant expansion project, including
the pre-feasibility study for the new Naranjo tailings storage
facility, will be prepared in accordance with Form 43-101F1 and
filed on SEDAR within 45 days of this press release. For further
information with respect to the key assumptions, parameters and
risks associated with the Pueblo Viejo mine life extension and
process plant expansion project, the mineral reserve and resource
estimates included therein and other technical information, please
refer to the Technical Report to be made available at
www.sedar.com.
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “growth”, “potential”,
“deliver”, “future”, “support”, “estimated”, “represent”, “target”,
“plan”, “continues”, “would” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: Barrick’s ability to convert resources into
reserves and future reserve replacement; potential mineralization
and metal or mineral recoveries; Barrick’s focus on Tier One Assets
and its potential for growth while delivering sustainable returns;
Barrick’s forward-looking production guidance, including our five
and ten year outlooks for gold and copper; our plans and expected
completion and benefits of our growth projects, including the
Pueblo Viejo plant expansion and mine life extension project and
changes to the estimated capital cost of that facility following
the completion of pre-feasibility engineering; the planned updating
of the historical Reko Diq feasibility study; the future
construction, development and operation of the Reko Diq project;
the duration of the temporary suspension of operations at Porgera,
the conditions for the reopening of the mine and the timelines for
execution of definitive agreements to implement the Commencement
Agreement between Papua New Guinea and Barrick Niugini Limited and
to recommence operations; our pipeline of high confidence projects
at or near existing operations, including the potential development
of the Lumwana Super Pit; potential mineralization and metal or
mineral recoveries; the potential for further growth at Nevada Gold
Mines including at Goldrush and Robertson; and expectations
regarding future price assumptions, financial performance and other
outlook or guidance..
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; risks associated with projects in the early stages of
evaluation, and for which additional engineering and other analysis
is required; failure to comply with environmental and health and
safety laws and regulations; timing of receipt of, or failure to
comply with, necessary permits and approvals; uncertainty whether
some or all of the targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate;
the possibility that future exploration results will not be
consistent with the Company’s expectations; risks that exploration
data may be incomplete and considerable additional work may be
required to complete further evaluation, including but not limited
to drilling, engineering and socioeconomic studies and investment;
disruption of supply routes which may cause delays in construction
and mining activities, including disruptions in the supply of key
mining inputs due to the invasion of Ukraine by Russia; changes in
national and local government legislation, taxation, controls or
regulations and/ or changes in the administration of laws, policies
and practices, expropriation or nationalization of property and
political or economic developments in the jurisdictions in which
the Company or its affiliates do or may carry on business in the
future; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental
matters or dealings with community groups, whether true or not;
risks associated with new diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic; the impact of inflation, including global inflationary
pressures driven by supply chain disruptions caused by the ongoing
Covid-19 pandemic and global energy cost increases following the
invasion of Ukraine by Russia; litigation and legal and
administrative proceedings; employee relations including loss of
key employees; increased costs and physical risks, including
extreme weather events and resource shortages, related to climate
change; and availability and increased costs associated with mining
inputs and labor. Barrick also cautions that its guidance, as well
as its five and ten-year outlooks for gold and copper, may be
impacted by the continuing business and social disruption caused by
the spread of Covid-19. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Gold Mineral Reserves1,2,3 |
|
|
|
|
|
|
|
As at December 31, 2022 |
PROVEN |
|
PROBABLE |
|
TOTAL |
|
Tonnes |
Grade |
Containedozs |
|
Tonnes |
Grade |
Containedozs |
|
Tonnes |
Grade |
Containedozs |
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu underground (84.00%) |
2.2 |
7.16 |
0.50 |
|
11 |
6.18 |
2.2 |
|
13 |
6.34 |
2.7 |
Jabal Sayid surface |
0.069 |
0.34 |
0.00076 |
|
— |
— |
— |
|
0.069 |
0.34 |
0.00076 |
Jabal Sayid underground |
5.8 |
0.20 |
0.038 |
|
7.5 |
0.39 |
0.094 |
|
13 |
0.31 |
0.13 |
Jabal Sayid (50.00%) total |
5.9 |
0.21 |
0.039 |
|
7.5 |
0.39 |
0.094 |
|
13 |
0.31 |
0.13 |
Kibali surface |
5.4 |
2.07 |
0.36 |
|
15 |
2.19 |
1.0 |
|
20 |
2.16 |
1.4 |
Kibali underground |
9.1 |
4.31 |
1.3 |
|
14 |
4.15 |
1.9 |
|
23 |
4.21 |
3.2 |
Kibali (45.00%) total |
14 |
3.47 |
1.6 |
|
29 |
3.15 |
3.0 |
|
44 |
3.26 |
4.6 |
Loulo-Gounkoto surface |
11 |
2.48 |
0.89 |
|
14 |
2.78 |
1.3 |
|
25 |
2.65 |
2.2 |
Loulo-Gounkoto underground |
8.9 |
4.86 |
1.4 |
|
19 |
5.04 |
3.1 |
|
28 |
4.98 |
4.5 |
Loulo-Gounkoto (80.00%) total |
20 |
3.54 |
2.3 |
|
34 |
4.08 |
4.4 |
|
54 |
3.87 |
6.7 |
North Mara surface |
0.25 |
3.43 |
0.028 |
|
29 |
2.05 |
1.9 |
|
29 |
2.06 |
2.0 |
North Mara underground |
0.21 |
3.68 |
0.025 |
|
9.3 |
3.42 |
1.0 |
|
9.5 |
3.43 |
1.0 |
North Mara (84.00%) total |
0.46 |
3.55 |
0.053 |
|
39 |
2.38 |
2.9 |
|
39 |
2.40 |
3.0 |
Tongon surface (89.70%) |
3.9 |
2.36 |
0.30 |
|
3.9 |
2.14 |
0.26 |
|
7.8 |
2.25 |
0.56 |
AFRICA AND MIDDLE EAST TOTAL |
47 |
3.17 |
4.8 |
|
120 |
3.24 |
13 |
|
170 |
3.22 |
18 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
110 |
0.65 |
2.4 |
|
480 |
0.59 |
9.2 |
|
600 |
0.60 |
12 |
Porgera surface4 |
— |
— |
— |
|
5.0 |
3.55 |
0.57 |
|
5.0 |
3.55 |
0.57 |
Porgera underground4 |
0.66 |
6.69 |
0.14 |
|
2.2 |
7.05 |
0.51 |
|
2.9 |
6.96 |
0.65 |
Porgera (24.50%) total4 |
0.66 |
6.69 |
0.14 |
|
7.2 |
4.64 |
1.1 |
|
7.9 |
4.81 |
1.2 |
Pueblo Viejo surface (60.00%) |
35 |
2.29 |
2.6 |
|
140 |
2.16 |
9.7 |
|
170 |
2.19 |
12 |
Veladero surface (50.00%) |
8.0 |
0.41 |
0.11 |
|
77 |
0.74 |
1.8 |
|
85 |
0.71 |
1.9 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
160 |
1.02 |
5.2 |
|
710 |
0.96 |
22 |
|
870 |
0.97 |
27 |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
9.8 |
2.48 |
0.79 |
|
63 |
2.24 |
4.6 |
|
73 |
2.27 |
5.4 |
Carlin underground |
11 |
9.27 |
3.3 |
|
6.0 |
7.90 |
1.5 |
|
17 |
8.79 |
4.8 |
Carlin (61.50%) total |
21 |
6.07 |
4.1 |
|
69 |
2.73 |
6.1 |
|
90 |
3.50 |
10 |
Cortez surface |
0.76 |
2.65 |
0.065 |
|
110 |
0.88 |
3.0 |
|
110 |
0.90 |
3.1 |
Cortez underground5 |
0.60 |
9.44 |
0.18 |
|
26 |
7.74 |
6.4 |
|
26 |
7.78 |
6.5 |
Cortez (61.50%) total |
1.4 |
5.63 |
0.25 |
|
130 |
2.22 |
9.4 |
|
130 |
2.26 |
9.6 |
Hemlo surface |
— |
— |
— |
|
18 |
1.49 |
0.86 |
|
18 |
1.49 |
0.86 |
Hemlo underground |
0.50 |
4.93 |
0.079 |
|
4.6 |
4.87 |
0.73 |
|
5.1 |
4.88 |
0.81 |
Hemlo (100%) total |
0.50 |
4.93 |
0.079 |
|
23 |
2.19 |
1.6 |
|
23 |
2.25 |
1.7 |
Phoenix surface (61.50%) |
8.5 |
0.71 |
0.19 |
|
96 |
0.58 |
1.8 |
|
100 |
0.59 |
2.0 |
Turquoise Ridge surface |
10 |
2.29 |
0.75 |
|
0.28 |
1.38 |
0.013 |
|
11 |
2.27 |
0.77 |
Turquoise Ridge underground |
10 |
10.20 |
3.4 |
|
12 |
9.51 |
3.8 |
|
23 |
9.82 |
7.2 |
Turquoise Ridge (61.50%) total |
21 |
6.26 |
4.1 |
|
13 |
9.33 |
3.8 |
|
33 |
7.43 |
8.0 |
NORTH AMERICA TOTAL |
52 |
5.24 |
8.7 |
|
330 |
2.12 |
23 |
|
380 |
2.54 |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
260 |
2.26 |
19 |
|
1,200 |
1.53 |
57 |
|
1,400 |
1.67 |
76 |
|
See “Mineral Reserves and Resources Endnotes”. |
Copper Mineral
Reserves1,2,3,7 |
|
|
|
|
|
|
|
As at December 31, 2022 |
PROVEN |
|
PROBABLE |
|
TOTAL |
|
Tonnes |
CuGrade |
ContainedCu |
|
Tonnes |
CuGrade |
ContainedCu |
|
Tonnes |
CuGrade |
ContainedCu |
Based on attributable pounds |
(Mt) |
(%) |
(Mlb) |
|
(Mt) |
(%) |
(Mlb) |
|
(Mt) |
(%) |
(Mlb) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu underground (84.00%) |
2.2 |
0.33 |
16 |
|
11 |
0.34 |
84 |
|
13 |
0.34 |
100 |
Jabal Sayid surface |
0.069 |
2.64 |
4.0 |
|
|
|
|
|
0.069 |
2.64 |
4.0 |
Jabal Sayid underground |
5.8 |
2.25 |
290 |
|
7.5 |
2.28 |
380 |
|
13 |
2.26 |
670 |
Jabal Sayid (50.00%) total |
5.9 |
2.25 |
290 |
|
7.5 |
2.28 |
380 |
|
13 |
2.27 |
670 |
Lumwana surface (100%) |
89 |
0.51 |
1,000 |
|
390 |
0.59 |
5,200 |
|
480 |
0.58 |
6,200 |
AFRICA AND MIDDLE EAST TOTAL |
97 |
0.61 |
1,300 |
|
410 |
0.62 |
5,600 |
|
510 |
0.62 |
7,000 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
110 |
0.19 |
480 |
|
480 |
0.23 |
2,400 |
|
600 |
0.22 |
2,900 |
Zaldívar surface (50.00%) |
170 |
0.44 |
1,600 |
|
38 |
0.31 |
260 |
|
210 |
0.42 |
1,900 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
280 |
0.34 |
2,100 |
|
520 |
0.23 |
2,700 |
|
810 |
0.27 |
4,800 |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
11 |
0.16 |
40 |
|
130 |
0.16 |
470 |
|
140 |
0.16 |
510 |
NORTH AMERICA TOTAL |
11 |
0.16 |
40 |
|
130 |
0.16 |
470 |
|
140 |
0.16 |
510 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
390 |
0.40 |
3,500 |
|
1,100 |
0.37 |
8,800 |
|
1,500 |
0.38 |
12,000 |
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Silver Mineral
Reserves1,2,3,7 |
|
|
|
|
|
|
|
As at December 31, 2022 |
PROVEN |
|
PROBABLE |
|
TOTAL |
|
Tonnes |
AgGrade |
ContainedAg |
|
Tonnes |
AgGrade |
ContainedAg |
|
Tonnes |
AgGrade |
ContainedAg |
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu underground (84.00%) |
2.2 |
6.90 |
0.48 |
|
11 |
5.91 |
2.1 |
|
13 |
6.07 |
2.6 |
AFRICA AND MIDDLE EAST TOTAL |
2.2 |
6.90 |
0.48 |
|
11 |
5.91 |
2.1 |
|
13 |
6.07 |
2.6 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
110 |
1.91 |
7.0 |
|
480 |
1.43 |
22 |
|
600 |
1.52 |
29 |
Pueblo Viejo surface (60.00%) |
35 |
12.94 |
15 |
|
140 |
13.76 |
62 |
|
170 |
13.60 |
76 |
Veladero surface (50.00%) |
8.0 |
12.72 |
3.3 |
|
77 |
14.62 |
36 |
|
85 |
14.44 |
39 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
160 |
4.92 |
25 |
|
700 |
5.34 |
120 |
|
860 |
5.26 |
150 |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
8.5 |
7.46 |
2.0 |
|
96 |
6.24 |
19 |
|
100 |
6.34 |
21 |
NORTH AMERICA TOTAL |
8.5 |
7.46 |
2.0 |
|
96 |
6.24 |
19 |
|
100 |
6.34 |
21 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
170 |
5.07 |
28 |
|
810 |
5.45 |
140 |
|
980 |
5.39 |
170 |
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Gold Mineral
Resources1,3,8,9 |
|
|
|
|
|
|
|
|
|
As at December 31, 2022 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
Tonnes |
Grade |
Containedozs |
|
Tonnes |
Grade |
Containedozs |
|
Containedozs |
|
Tonnes |
Grade |
Containedozs |
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0029 |
6.70 |
0.00062 |
|
— |
— |
— |
|
0.00062 |
|
— |
— |
— |
Bulyanhulu underground |
3.3 |
10.24 |
1.1 |
|
21 |
5.88 |
3.9 |
|
5.0 |
|
17 |
8.4 |
4.6 |
Bulyanhulu (84.00%) total |
3.3 |
10.24 |
1.1 |
|
21 |
5.88 |
3.9 |
|
5.0 |
|
17 |
8.4 |
4.6 |
Jabal Sayid surface |
0.069 |
0.34 |
0.00076 |
|
— |
— |
— |
|
0.00076 |
|
— |
— |
— |
Jabal Sayid underground |
7.8 |
0.33 |
0.083 |
|
7.3 |
0.41 |
0.097 |
|
0.18 |
|
1.5 |
0.6 |
0.027 |
Jabal Sayid (50.00%) total |
7.9 |
0.33 |
0.084 |
|
7.3 |
0.41 |
0.097 |
|
0.18 |
|
1.5 |
0.6 |
0.027 |
Kibali surface |
7.4 |
2.19 |
0.52 |
|
26 |
2.06 |
1.7 |
|
2.2 |
|
4.8 |
2.1 |
0.32 |
Kibali underground |
12 |
4.63 |
1.8 |
|
24 |
3.97 |
3.1 |
|
4.9 |
|
8.4 |
2.9 |
0.79 |
Kibali (45.00%) total |
20 |
3.70 |
2.3 |
|
50 |
2.98 |
4.8 |
|
7.1 |
|
13 |
2.6 |
1.1 |
Loulo-Gounkoto surface |
12 |
2.49 |
0.97 |
|
16 |
2.90 |
1.5 |
|
2.4 |
|
6.5 |
1.9 |
0.38 |
Loulo-Gounkoto underground |
17 |
4.39 |
2.5 |
|
28 |
4.63 |
4.2 |
|
6.7 |
|
16 |
2.9 |
1.5 |
Loulo-Gounkoto (80.00%) total |
30 |
3.61 |
3.4 |
|
44 |
4.02 |
5.7 |
|
9.1 |
|
22 |
2.6 |
1.9 |
North Mara surface |
18 |
2.25 |
1.3 |
|
23 |
1.79 |
1.3 |
|
2.6 |
|
4.1 |
1.4 |
0.19 |
North Mara underground |
0.77 |
2.28 |
0.057 |
|
28 |
2.21 |
2.0 |
|
2.0 |
|
15 |
1.6 |
0.75 |
North Mara (84.00%) total |
18 |
2.25 |
1.3 |
|
50 |
2.02 |
3.3 |
|
4.6 |
|
19 |
1.6 |
0.93 |
Tongon surface (89.70%) |
4.5 |
2.57 |
0.37 |
|
5.3 |
2.32 |
0.40 |
|
0.77 |
|
0.82 |
2.5 |
0.064 |
AFRICA AND MIDDLE EAST TOTAL |
83 |
3.23 |
8.7 |
|
180 |
3.18 |
18 |
|
27 |
|
73 |
3.7 |
8.6 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alturas surface (100%) |
— |
— |
— |
|
— |
— |
— |
|
— |
|
180 |
0.9 |
5.4 |
Norte Abierto surface (50.00%) |
190 |
0.63 |
3.9 |
|
1,100 |
0.53 |
19 |
|
22 |
|
370 |
0.4 |
4.4 |
Pascua Lama surface (100%) |
43 |
1.86 |
2.6 |
|
390 |
1.49 |
19 |
|
21 |
|
15 |
1.7 |
0.86 |
Porgera surface4 |
0.39 |
3.98 |
0.049 |
|
14 |
2.78 |
1.3 |
|
1.3 |
|
6.1 |
2.2 |
0.43 |
Porgera underground4 |
0.99 |
6.16 |
0.20 |
|
5.0 |
6.04 |
0.97 |
|
1.2 |
|
1.8 |
6.6 |
0.39 |
Porgera (24.50%) total4 |
1.4 |
5.55 |
0.25 |
|
19 |
3.62 |
2.3 |
|
2.5 |
|
8.0 |
3.2 |
0.82 |
Pueblo Viejo surface (60.00%) |
46 |
2.08 |
3.1 |
|
190 |
1.99 |
12 |
|
15 |
|
4.6 |
1.8 |
0.26 |
Reko Diq surface (50.00%)6 |
|
|
|
|
1,800 |
0.26 |
15 |
|
15 |
|
570 |
0.2 |
3.7 |
Veladero surface (50.00%) |
9.1 |
0.40 |
0.12 |
|
120 |
0.71 |
2.6 |
|
2.8 |
|
14 |
0.6 |
0.27 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
290 |
1.06 |
9.9 |
|
3,600 |
0.60 |
69 |
|
79 |
|
1,200 |
0.4 |
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Gold Mineral
Resources1,3,8,9 |
|
|
|
|
|
|
|
|
|
As at December 31, 2022 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
Tonnes |
Grade |
Containedozs |
|
Tonnes |
Grade |
Containedozs |
|
Containedozs |
|
Tonnes |
Grade |
Containedozs |
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
29 |
2.18 |
2.0 |
|
140 |
1.94 |
8.5 |
|
11 |
|
60 |
1.2 |
2.4 |
Carlin underground |
24 |
7.80 |
5.9 |
|
13 |
6.74 |
2.7 |
|
8.7 |
|
13 |
7.3 |
3.2 |
Carlin (61.50%) total |
53 |
4.69 |
8.0 |
|
150 |
2.35 |
11 |
|
19 |
|
73 |
2.3 |
5.5 |
Cortez surface |
0.99 |
2.78 |
0.089 |
|
160 |
0.87 |
4.4 |
|
4.5 |
|
110 |
0.4 |
1.5 |
Cortez underground5 |
1.3 |
7.66 |
0.32 |
|
37 |
6.87 |
8.3 |
|
8.6 |
|
15 |
5.9 |
2.9 |
Cortez (61.50%) total |
2.3 |
5.53 |
0.40 |
|
190 |
2.02 |
13 |
|
13 |
|
130 |
1.1 |
4.4 |
Donlin surface (50.00%) |
3.9 |
2.52 |
0.31 |
|
270 |
2.24 |
19 |
|
20 |
|
46 |
2.0 |
3.0 |
Fourmile underground (100%) |
— |
— |
— |
|
1.5 |
10.01 |
0.49 |
|
0.49 |
|
7.8 |
10.5 |
2.7 |
Hemlo surface |
|
|
|
|
42 |
1.40 |
1.9 |
|
1.9 |
|
2.4 |
1.0 |
0.079 |
Hemlo underground |
0.72 |
5.11 |
0.12 |
|
11 |
4.80 |
1.6 |
|
1.8 |
|
3.0 |
5.1 |
0.50 |
Hemlo (100%) total |
0.72 |
5.11 |
0.12 |
|
52 |
2.09 |
3.5 |
|
3.6 |
|
5.4 |
3.3 |
0.58 |
Long Canyon surface |
0.30 |
3.53 |
0.034 |
|
4.9 |
2.56 |
0.41 |
|
0.44 |
|
1.1 |
0.9 |
0.029 |
Long Canyon underground |
|
|
|
|
1.1 |
10.68 |
0.38 |
|
0.38 |
|
0.53 |
9.1 |
0.16 |
Long Canyon (61.50%) total |
0.30 |
3.53 |
0.034 |
|
6.1 |
4.05 |
0.79 |
|
0.82 |
|
1.6 |
3.6 |
0.18 |
Phoenix surface (61.50%) |
12 |
0.64 |
0.25 |
|
230 |
0.50 |
3.6 |
|
3.9 |
|
30 |
0.3 |
0.32 |
Turquoise Ridge surface |
24 |
2.14 |
1.6 |
|
21 |
2.07 |
1.4 |
|
3.0 |
|
6.7 |
1.7 |
0.37 |
Turquoise Ridge underground |
13 |
9.49 |
3.9 |
|
19 |
8.51 |
5.3 |
|
9.2 |
|
1.9 |
6.9 |
0.42 |
Turquoise Ridge (61.50%) total |
36 |
4.72 |
5.5 |
|
40 |
5.19 |
6.6 |
|
12 |
|
8.6 |
2.9 |
0.79 |
NORTH AMERICA TOTAL |
110 |
4.18 |
15 |
|
940 |
1.93 |
58 |
|
73 |
|
300 |
1.8 |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
480 |
2.13 |
33 |
|
4,700 |
0.96 |
150 |
|
180 |
|
1,500 |
0.8 |
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Copper Mineral
Resources1,3,7,8,9 |
|
|
|
|
|
|
|
|
|
As at December 31, 2022 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
Tonnes |
Grade |
Containedlbs |
|
Tonnes |
Grade |
Containedlbs |
|
Containedlbs |
|
Tonnes |
Grade |
Containedlbs |
Based on attributable pounds |
(Mt) |
(%) |
(Mlb) |
|
(Mt) |
(%) |
(Mlb) |
|
(Mlb) |
|
(Mt) |
(%) |
(Mlb) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0029 |
0.32 |
0.021 |
|
— |
— |
— |
|
0.021 |
|
— |
— |
— |
Bulyanhulu underground |
3.3 |
0.44 |
32 |
|
21 |
0.31 |
140 |
|
170 |
|
17 |
0.4 |
130 |
Bulyanhulu (84.00%) total |
3.3 |
0.44 |
32 |
|
21 |
0.31 |
140 |
|
170 |
|
17 |
0.4 |
130 |
Jabal Sayid surface |
0.069 |
2.64 |
4.0 |
|
— |
— |
— |
|
4.0 |
|
— |
— |
— |
Jabal Sayid underground |
7.8 |
2.60 |
450 |
|
7.3 |
2.36 |
380 |
|
830 |
|
1.5 |
1.3 |
44 |
Jabal Sayid (50.00%) total |
7.9 |
2.60 |
450 |
|
7.3 |
2.36 |
380 |
|
830 |
|
1.5 |
1.3 |
44 |
Lumwana surface (100%) |
140 |
0.48 |
1,500 |
|
960 |
0.55 |
12,000 |
|
13,000 |
|
820 |
0.5 |
8,700 |
AFRICA AND MIDDLE EAST TOTAL |
150 |
0.59 |
2,000 |
|
990 |
0.56 |
12,000 |
|
14,000 |
|
840 |
0.5 |
8,900 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
170 |
0.21 |
790 |
|
1,000 |
0.21 |
4,700 |
|
5,500 |
|
360 |
0.2 |
1,400 |
Reko Diq surface (50.00%)6 |
— |
— |
— |
|
1,900 |
0.44 |
18,000 |
|
18,000 |
|
590 |
0.4 |
4,600 |
Zaldívar surface (50.00%) |
360 |
0.40 |
3,200 |
|
200 |
0.37 |
1,600 |
|
4,800 |
|
20 |
0.4 |
160 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
530 |
0.34 |
4,000 |
|
3,100 |
0.36 |
25,000 |
|
29,000 |
|
970 |
0.3 |
6,200 |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
15 |
0.15 |
52 |
|
320 |
0.15 |
1,000 |
|
1,100 |
|
32 |
0.1 |
93 |
NORTH AMERICA TOTAL |
15 |
0.15 |
52 |
|
320 |
0.15 |
1,000 |
|
1,100 |
|
32 |
0.1 |
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
700 |
0.39 |
6,000 |
|
4,500 |
0.39 |
38,000 |
|
44,000 |
|
1,800 |
0.4 |
15,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Silver Mineral
Resources1,3,7,8,9 |
|
|
|
|
|
|
|
|
|
As at December 31, 2022 |
MEASURED (M)10 |
|
INDICATED (I)10 |
|
(M) + (I)10 |
|
INFERRED11 |
|
Tonnes |
AgGrade |
ContainedAg |
|
Tonnes |
AgGrade |
ContainedAg |
|
ContainedAg |
|
Tonnes |
AgGrade |
ContainedAg |
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0029 |
7.00 |
0.00065 |
|
— |
— |
— |
|
0.00065 |
|
— |
— |
— |
Bulyanhulu underground |
3.3 |
8.52 |
0.90 |
|
21 |
5.54 |
3.7 |
|
4.6 |
|
17 |
6.2 |
3.4 |
Bulyanhulu (84.00%) total |
3.3 |
8.52 |
0.90 |
|
21 |
5.54 |
3.7 |
|
4.6 |
|
17 |
6.2 |
3.4 |
AFRICA AND MIDDLE EAST TOTAL |
3.3 |
8.52 |
0.90 |
|
21 |
5.54 |
3.7 |
|
4.6 |
|
17 |
6.2 |
3.4 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
190 |
1.62 |
10 |
|
1,100 |
1.23 |
43 |
|
53 |
|
370 |
1.0 |
11 |
Pascua-Lama surface (100%) |
43 |
57.21 |
79 |
|
390 |
52.22 |
660 |
|
740 |
|
15 |
17.8 |
8.8 |
Pueblo Viejo surface (60.00%) |
46 |
11.69 |
17 |
|
190 |
12.32 |
75 |
|
92 |
|
4.6 |
10.5 |
1.5 |
Veladero surface (50.00%) |
9.1 |
11.39 |
3.3 |
|
120 |
14.42 |
54 |
|
57 |
|
14 |
14.3 |
6.3 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
290 |
11.73 |
110 |
|
1,800 |
14.51 |
830 |
|
940 |
|
400 |
2.2 |
28 |
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
12 |
6.80 |
2.7 |
|
230 |
5.79 |
42 |
|
45 |
|
30 |
5.6 |
5.4 |
NORTH AMERICA TOTAL |
12 |
6.80 |
2.7 |
|
230 |
5.79 |
42 |
|
45 |
|
30 |
5.6 |
5.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
310 |
11.50 |
110 |
|
2,000 |
13.44 |
880 |
|
990 |
|
450 |
2.5 |
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Summary Gold Mineral
Reserves1,2,3 |
For the years ended December 31 |
2022 |
2021 |
|
Ownership |
Tonnes |
Grade |
Ounces |
Ownership |
Tonnes |
Grade |
Ounces |
Based on attributable ounces |
% |
(Mt) |
(g/t) |
(Moz) |
% |
(Mt) |
(g/t) |
(Moz) |
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
Bulyanhulu surface |
84.00 |
% |
— |
— |
— |
84.00 |
% |
0.00010 |
10.42 |
0.000035 |
Bulyanhulu underground |
84.00 |
% |
13 |
6.34 |
2.7 |
84.00 |
% |
10 |
7.76 |
2.5 |
Bulyanhulu Total |
84.00 |
% |
13 |
6.34 |
2.7 |
84.00 |
% |
10 |
7.76 |
2.5 |
Jabal Sayid surface |
50.00 |
% |
0.069 |
0.34 |
0.00076 |
50.00 |
% |
0.072 |
0.34 |
0.00079 |
Jabal Sayid underground |
50.00 |
% |
13 |
0.31 |
0.13 |
50.00 |
% |
13 |
0.26 |
0.11 |
Jabal Sayid Total |
50.00 |
% |
13 |
0.31 |
0.13 |
50.00 |
% |
13 |
0.26 |
0.11 |
Kibali surface |
45.00 |
% |
20 |
2.16 |
1.4 |
45.00 |
% |
17 |
2.45 |
1.3 |
Kibali underground |
45.00 |
% |
23 |
4.21 |
3.2 |
45.00 |
% |
21 |
4.54 |
3.0 |
Kibali Total |
45.00 |
% |
44 |
3.26 |
4.6 |
45.00 |
% |
37 |
3.60 |
4.3 |
Loulo-Gounkoto surface |
80.00 |
% |
25 |
2.65 |
2.2 |
80.00 |
% |
22 |
2.98 |
2.1 |
Loulo-Gounkoto underground |
80.00 |
% |
28 |
4.98 |
4.5 |
80.00 |
% |
29 |
4.86 |
4.6 |
Loulo-Gounkoto Total |
80.00 |
% |
54 |
3.87 |
6.7 |
80.00 |
% |
51 |
4.06 |
6.7 |
North Mara surface |
84.00 |
% |
29 |
2.06 |
2.0 |
84.00 |
% |
38 |
1.73 |
2.1 |
North Mara underground |
84.00 |
% |
9.5 |
3.43 |
1.0 |
84.00 |
% |
6.8 |
3.44 |
0.75 |
North Mara Total |
84.00 |
% |
39 |
2.40 |
3.0 |
84.00 |
% |
44 |
1.99 |
2.8 |
Tongon surface |
89.70 |
% |
7.8 |
2.25 |
0.56 |
89.70 |
% |
7.9 |
1.87 |
0.47 |
AFRICA AND MIDDLE EAST TOTAL |
|
170 |
3.22 |
18 |
|
160 |
3.22 |
17 |
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
Norte Abierto surface |
50.00 |
% |
600 |
0.60 |
12 |
50.00 |
% |
600 |
0.60 |
12 |
Porgera surface4 |
24.50 |
% |
5.0 |
3.55 |
0.57 |
24.50 |
% |
4.8 |
3.66 |
0.56 |
Porgera underground4 |
24.50 |
% |
2.9 |
6.96 |
0.65 |
24.50 |
% |
3.2 |
6.34 |
0.66 |
Porgera Total4 |
24.50 |
% |
7.9 |
4.81 |
1.2 |
24.50 |
% |
8.0 |
4.75 |
1.2 |
Pueblo Viejo surface |
60.00 |
% |
170 |
2.19 |
12 |
60.00 |
% |
76 |
2.22 |
5.4 |
Veladero surface |
50.00 |
% |
85 |
0.71 |
1.9 |
50.00 |
% |
90 |
0.77 |
2.2 |
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
870 |
0.97 |
27 |
|
770 |
0.83 |
21 |
NORTH AMERICA |
|
|
|
|
|
|
|
|
Carlin surface |
61.50 |
% |
73 |
2.27 |
5.4 |
61.50 |
% |
84 |
2.23 |
6.0 |
Carlin underground |
61.50 |
% |
17 |
8.79 |
4.8 |
61.50 |
% |
19 |
8.86 |
5.4 |
Carlin Total |
61.50 |
% |
90 |
3.50 |
10 |
61.50 |
% |
100 |
3.46 |
11 |
Cortez surface |
61.50 |
% |
110 |
0.90 |
3.1 |
61.50 |
% |
39 |
1.68 |
2.1 |
Cortez underground5 |
61.50 |
% |
26 |
7.78 |
6.5 |
61.50 |
% |
27 |
7.79 |
6.7 |
Cortez Total |
61.50 |
% |
130 |
2.26 |
9.6 |
61.50 |
% |
65 |
4.17 |
8.8 |
Hemlo surface |
100 |
% |
18 |
1.49 |
0.86 |
100 |
% |
0.018 |
0.32 |
0.00018 |
Hemlo underground |
100 |
% |
5.1 |
4.88 |
0.81 |
100 |
% |
6.4 |
5.18 |
1.1 |
Hemlo Total |
100 |
% |
23 |
2.25 |
1.7 |
100 |
% |
6.4 |
5.16 |
1.1 |
Long Canyon surface |
61.50 |
% |
— |
— |
— |
61.50 |
% |
0.61 |
1.18 |
0.023 |
Phoenix surface |
61.50 |
% |
100 |
0.59 |
2.0 |
61.50 |
% |
100 |
0.60 |
2.0 |
Turquoise Ridge surface |
61.50 |
% |
11 |
2.27 |
0.77 |
61.50 |
% |
26 |
2.05 |
1.7 |
Turquoise Ridge underground |
61.50 |
% |
23 |
9.82 |
7.2 |
61.50 |
% |
21 |
10.39 |
6.9 |
Turquoise Ridge Total |
61.50 |
% |
33 |
7.43 |
8.0 |
61.50 |
% |
46 |
5.74 |
8.6 |
NORTH AMERICA TOTAL |
|
380 |
2.54 |
31 |
|
330 |
3.04 |
32 |
|
|
|
|
|
|
|
|
|
TOTAL |
|
1,400 |
1.67 |
76 |
|
1,300 |
1.71 |
69 |
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Mineral Reserves and Resources
Endnotes
- Mineral
reserves (“reserves”) and mineral resources (“resources”) have been
estimated as at December 31, 2022 (unless otherwise noted) in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”) as required by
Canadian securities regulatory authorities. For United States
reporting purposes, the SEC has adopted amendments to its
disclosure rules to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the
SEC under the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”). These amendments became effective February 25,
2019 (the “SEC Modernization Rules”) with compliance required for
the first fiscal year beginning on or after January 1, 2021. The
SEC Modernization Rules replace the historical property disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7, which was rescinded from and after the required
compliance date of the SEC Modernization Rules. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of “measured”, “indicated” and “inferred” mineral
resources. In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be
substantially similar to the corresponding Canadian Institute of
Mining, Metallurgy and Petroleum definitions, as required by NI
43-101. U.S. investors should understand that “inferred” mineral
resources have a great amount of uncertainty as to their existence
and great uncertainty as to their economic and legal feasibility.
In addition, U.S. investors are cautioned not to assume that any
part or all of Barrick’s mineral resources constitute or will be
converted into reserves. Mineral resource and mineral reserve
estimations have been prepared by employees of Barrick, its joint
venture partners or its joint venture operating companies, as
applicable, under the supervision of Richard Peattie, Africa and
Middle East Mineral Resource Manager, Chad Yuhasz, Latin America
& Asia Pacific Mineral Resource Manager and Craig Fiddes,
Manager – Resource Modeling, Nevada Gold Mines and reviewed by
Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation
Executive. For 2022, reserves have been estimated based on an
assumed gold price of US$1,300 per ounce, an assumed silver price
of US$18.00 per ounce, and an assumed copper price of US$3.00 per
pound and long-term average exchange rates of 1.30 CAD/US$, except
at Zaldívar, where mineral reserves for 2022 were calculated using
Antofagasta guidance and an assumed copper price of $3.10 per
pound. For 2021, reserves were estimated based on an assumed gold
price of US$1,200 per ounce, an assumed silver price of US$16.50
per ounce, and an assumed copper price of US$2.75 per pound and
long-term average exchange rates of 1.30 CAD/US$., except at
Zaldívar, where mineral reserves for 2021 were calculated using
Antofagasta guidance and an assumed copper price of $3.10 per
pound. Reserve estimates incorporate current and/or expected mine
plans and cost levels at each property.
Varying cut-off grades have been used depending on the
mine and type of ore contained in the reserves. Barrick’s normal
data verification procedures have been employed in connection with
the calculations. Verification procedures include industry-standard
quality control practices. Resources as at December 31, 2022
have been estimated using varying cut-off grades,
depending on both the type of mine or project, its maturity and ore
types at each property.
- In confirming
our annual reserves for each of our mineral properties, projects,
and operations, we conduct a reserve test on December 31 of
each year to verify that the future undiscounted cash flow from
reserves is positive. The cash flow ignores all sunk costs and only
considers future operating and closure expenses as well as any
future capital costs.
- All mineral
resource and mineral reserve estimates of tonnes, Au oz, Ag oz and
Cu lb are reported to the second significant digit.
- Porgera
mineral reserves and mineral resources are reported on a 24.5%
interest basis, reflecting Barrick’s expected ownership interest
following the implementation of the binding February 3, 2022
Commencement Agreement . The Commencement Agreement provides, among
other things, for ownership of Porgera to be held in a new joint
venture owned 51% by Papua New Guinea (“PNG”) stakeholders and 49%
by Barrick Niugini Limited (“BNL”) or an affiliate. BNL is jointly
owned on a 50/50 basis by Barrick and Zijin Mining Group and will
retain operatorship of the mine under the terms of the Commencement
Agreement. Efforts are ongoing to execute the remaining definitive
agreements to implement the Commencement Agreement and finalize a
timeline for the reopening of the Porgera mine and resumption of
full mine operations. For additional information, see pages 8-9 of
Barrick’s Third Quarter Report 2022.
- Cortez
underground includes 21 million tonnes at 7.27g/t for 4.9 million
ounces of probable reserves, 29 million tonnes at 6.49g/t for 6.1
million ounces of indicated resources and 15 million tonnes at
5.9g/t for 2.8 million ounces of inferred resources related to
Goldrush. As noted in endnote 9, mineral resources are reported on
an inclusive basis.
- Reko Diq
mineral resources are reported on a 50% interest basis, reflecting
Barrick’s ownership interest following the completion of the
transaction allowing for the reconstitution of the project on
December 15, 2022. This completed the process that began earlier in
2022 following the conclusion of a framework agreement among the
Governments of Pakistan and Balochistan, Barrick and Antofagasta
plc, which provided a path for the development of the project under
a reconstituted structure. The reconstituted project is held
50% by Barrick and 50% by Pakistani stakeholders. Barrick is
the operator of the project. For additional information, see
Barrick’s press release entitled “Massive Reko Diq Project Gets All
Clear, Barrick Starts Updating Plans” dated December 15, 2022.
- 2022
polymetallic mineral resources and mineral reserves are estimated
using the combined value of gold, copper & silver and
accordingly are reported as gold, copper and silver mineral
resources and mineral reserves.
- Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
- Mineral
resources are reported inclusive of mineral reserves.
- All measured
and indicated mineral resource estimates of grade and all proven
and probable mineral reserve estimates of grade for Au g/t, Ag g/t
and Cu % are reported to two decimal places.
- All inferred
mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are
reported to one decimal place.
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