Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today released its
annual reserve and resource declaration with its Q4 and year-end
results to December 31, 2020. Attributable mineral reserves reflect
a 76% replacement of depletion, with a consistent reserve grade
maintained year-on-year, after adjustment for the disposal of
Massawa. Similarly, excluding the impact of Massawa, the net
reduction in reserves year-on-year is approximately 2%.
Attributable group reserves, reported at $1,200/oz1, stand at
1,300 million tonnes at 1.66g/t for 68 million ounces2 of
gold.
Armed with the introduction of on-site mineral
resource management and an intensified focus on geology, Barrick
has spent the two years since the Randgold merger improving
knowledge of its orebodies. At the same time, it has transferred
ownership and responsibility for the orebodies to the mines,
empowering and integrating the on-site mineral resource, geology
and planning teams.
Barrick’s mineral resource management and
evaluation executive, Rod Quick, says the company has made
significant progress in developing Life of Mine optimizations based
on high-confidence geological models as well as operating plans,
ounce profiles and cost forecasts.
“As our understanding of the orebodies increases,
the potential for sustainable resource to reserves conversion will
grow, but it will take time for the group to reach the replacement
levels of the Africa and Middle East region,” Quick said.
Total attributable group gold resources increased
in 2020, net of depletion and excluding the impact of the disposal
of Massawa. Inclusive of reserves and reported at a gold price of
$1,500/oz1, attributable measured and indicated resources stood at
3,300 million tonnes at 1.52g/t for 160 million ounces2,
with a further 980 million tonnes at 1.4g/t for
43 million ounces2 in the inferred category.
Copper mineral reserves for 2020 are calculated
using a copper price of $2.75 per pound and mineral resources
are calculated at $3.50 per pound, both rates unchanged from
2019. Attributable measured and indicated copper resources were
25 billion pounds2 at an average grade of 0.36%, and inferred
copper resources2 were 2.2 billion pounds at an average grade
of 0.2%. Attributable proven and probable copper reserves were
13 billion pounds2 at an average grade of 0.39%.
For further details, please refer to the Reserves
and Resources section of the MD&A in Barrick’s Q4 and year-end
2020 report.
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 press release has been reviewed and approved by Craig
Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines;
Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America &
Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral
Resources Manager: Africa & Middle East; and Rodney Quick, MSc,
Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive —
each a “Qualified Person” as defined in National Instrument 43-101
– Standards of Disclosure for Mineral Projects.
Endnote 1
Unchanged from 2019.
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, 2020, unless otherwise noted. Proven reserves of
280 million tonnes grading 2.37g/t, representing 21 million ounces
of gold, and 350 million tonnes grading 0.39%, representing 3,000
million pounds of copper. Probable reserves of 990 million tonnes
grading 1.46g/t, representing 47 million ounces of gold, and 1,100
million tonnes grading 0.39%, representing 9,700 million pounds of
copper. Measured resources of 530 million tonnes grading 2.11g/t,
representing 36 million ounces of gold, and 600 million tonnes
grading 0.36%, representing 4,800 million pounds of copper.
Indicated resources of 2,800 million tonnes grading 1.41g/t,
representing 130 million ounces of gold, and 2,500 million tonnes
grading 0.36%, representing 20,000 million pounds of copper.
Inferred resources of 980 million tonnes grading 1.4g/t,
representing 43 million ounces of gold, and 440 million tonnes
grading 0.2%, representing 2,200 million pounds of copper. Complete
mineral reserve and mineral resource data for all mines and
projects referenced, including tonnes, grades, and ounces, can be
found on pages 137-144 of Barrick’s Fourth Quarter and Year-End
2020 Report.
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 “progress”, “optimizations”,
“plans”, “forecasts”, “potential”, “take time” and “will” 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 replace existing mineral
reserves.
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; disruption of supply routes which may cause delays in
construction and mining activities at Barrick’s more remote
properties; diminishing quantities or grades of reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; non-renewal of key licences by
governmental authorities, including non-renewal of Porgera’s
Special Mining Lease; 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 Canada, the United States and other jurisdictions
in which the Company or its affiliates do or may carry on business
in the future; timing of receipt of, or failure to comply with,
necessary permits and approvals; the impact of global liquidity and
credit availability on the timing of cash flows and the values of
assets and liabilities based on projected future cash flows;
adverse changes in our credit ratings; the impact of inflation;
fluctuations in the currency markets; changes in U.S. dollar
interest rates; lack of certainty with respect to foreign legal
systems, corruption and other factors that are inconsistent with
the rule of law; risks associated with illegal and artisanal
mining; risks associated with new diseases, epidemics and
pandemics, including the effects and potential effects of the
global Covid-19 pandemic; 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; 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; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; litigation; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; business
opportunities that may be presented to, or pursued by, the Company;
risks associated with working with partners in jointly controlled
assets; 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. 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.
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Apr 2024 to May 2024
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From May 2023 to May 2024