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| Barrick Gold’s Reko Diq project in Pakistan |
Barrick Gold (TSX: ABX) has reported a 23% increase in its proven and probable gold reserves, reaching 17.4 million ounces by the end of 2024. The rise is primarily attributed to the company’s Reko Diq copper-gold project in Pakistan, which added 13 million ounces of gold to Barrick’s probable reserves following the completion of its feasibility study.
Barrick owns a 50% stake in Reko Diq, while the governments of Pakistan and Balochistan hold the remaining shares. The company considers Reko Diq one of the world’s largest underdeveloped copper-gold deposits and expects to begin production by the end of 2028.
In the Africa and Middle East region, Barrick’s reserves grew by 1.1% to 19 million ounces in 2024. This increase was supported by expansions at the Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania.
Despite these gains, Barrick faced challenges in Mali, where the company suspended operations at its mine following a dispute with the military-led government. In December, the Malian authorities seized three metric tons of gold—valued at approximately $245 million—as part of a broader demand for a larger share of revenue from mining operations.
