Barrick’s LatAm gold reserves slip

Barrick Gold’s Latin American gold and copper reserves dropped last year as exploration failed to keep up with depletion.

Attributable proven and probable gold reserves at LatAm assets were 19.6Moz at end-2021, down from 20.8Moz 12 months earlier, according to a release from the Toronto-based company, which ranks among the region’s top gold producers.

The biggest fall was at Pueblo Viejo in the Dominican Republic (in picture), where surface reserves dipped to 5.4Moz from 6.2Moz.

Barrick’s 60% share of production was 488,000oz gold in 2021.  Newmont holds the other 40% of Pueblo Viejo.

Surface reserves at Veladero in Argentina, a 50:50 JV with Shandong Gold, were 2.2Moz, down from 2.6Moz.

The mine produced 172,000oz gold in 2021, based on Barrick’s equity share.

Reserves were unchanged at the Norte Abierto project in Chile, a 50:50 JV with Newmont, at 12Moz.

But companywide gold reserves increased to 69Moz from 68Moz, with the growth led by the North American and Africa & Middle East regions, with average grades rising to 1.71g/t from 1.66g/t (the cut-off price of US$1,200/oz was unchanged).

“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 CEO Mark Bristow.

Barrick’s LatAm copper reserves also declined, to 5.0Blb (2.27Mt) from 5.2Blb, reflecting a fall to 2.1Blb from 2.3Blb in surface reserves at the Zaldívar mine in Chile, a 50:50 JV with Antofagasta Minierals.

The mine produced 97Mlb copper for Barrick in 2021.

Copper reserves were unchanged at 2.9Blb at Norte Abierto.

Barrick’s total copper reserves fell to 12Blb from 13Blb.