Barrick Gold (TSX: ABX; NYSE: GOLD) says it has succeeded in replacing its global gold reserve base by 150% before accounting for acquisition and equity changes at its South Arturo mine in Nevada and Porgera mine in Papua New Guinea.
The gold major says the improving reserve base comes with a 3% improved group reserve grade in 2021. Barrick reported that at $1,200/oz, attributable proven and probable reserves now stood at 69 million ounces at 1.71 grams per tonne, rising from 68 million ounces at 1.66 grams per tonne in 2020.
President Mark Bristow said in a February 10 press release that successful exploration continued to replenish the company’s asset base and target pipeline, securing its business plans well into the future. The reserve replacement comes amid industry-wide depletion of reserves and resources.
“While we look closely at all new business opportunities, we believe finding our ounces is always better than buying them. That’s why we’re still discovering real value at the end of our drill bits,” said Bristow.
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