This resulted in proven and probable gold reserves of 77 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. at an average grade of 1.65g/t for 2023, increasing from 76 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. at an average grade of 1.67g/t in 2022. For 2023, this breaks out into proven gold mineral reserves of 250 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. grading 1.85g/t, representing 15 million ounces of gold and probable gold reserves of 1,200 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. grading 1.61g/t, representing 61 million ounces of gold.
Barrick’s 2023 gold mineral reserves are estimated using a gold price assumption of $1,300/oz which is consistent with 2022, except at Tongon, where mineral reserves were estimated using a gold price assumption of $1,500/oz and Hemlo where mineral reserves were estimated using a gold price assumption of $1,400/oz. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.
Since year-end 2019, Barrick has organically replaced over 140% of the Company’s gold reserve depletion, adding almost 29 million ounces of attributable proven and probable reserves or 44 million ounces of proven and probable reserves on a 100% basis, excluding both acquisitions and divestments.
Gold equivalent ounces (GEO) from our copper assets are calculated using long-term mineral reserve commodity prices of $1,300/oz gold and $3.00/lb copper.
The Africa and Middle East region, replaced 165% of the regional 2023 gold reserve depletion, led by Loulo-Gounkoto, with extensions of the high grade Yalea orebody, delivering a 1.1 million ouncePlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. increase in attributable proven and probable reserves before depletion. Bulyanhulu also added 0.9 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. to attributable proven and probable reserves, through the extension of Reef 1 and Reef 2 near surface mineralization, with updated feasibility studies supporting an additional surface decline access portal for each Reef. At Kibali, the ongoing conversion drilling in the 11000 lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47 million ouncePlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. increase in attributable proven and probable reserves before depletion.
Within the Latin America and Asia Pacific region, a pre- feasibility study was completed on the expansion of the leach pad supporting an additional pushback in the open pit at Veladero, resulting in 2023 attributable proven and probable gold reserves for the region of 27 million ounces at 0.96g/t.Please see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes.
In North America, ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez added
1.9 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of gold on an attributable basis before annual depletion, effectively replacing more than 80% of annual depletion, resulting in sustained attributable proven and probable mineral reserves for the region of 31 million ouncesi at 2.45g/t.
Attributable proven and probable copper reserves grew by 330,000 tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper year on year before annual depletion of 270,000 tonnes of copper. This has resulted in 124% of annual global copper depletion, with attributable proven and probable copper mineral reserves of 5.6 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. at 0.39% as of end of year 2023 supporting the consistent replacement track record. 2023’s proven copper mineral reserves of 320 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. grading 0.41%, represents 1.3 million tonnes of copper and probable gold reserves of 1,100 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. grading 0.38%, representing
4.3 million tonnes of copper. The 2023 copper mineral reserve growth was driven by Lumwana, where the mineral reserves grew by 6% year on year, net of depletion, as a result of ongoing conversion drilling in the Malundwe Pit.
As of December 31, 2023, Barrick’s copper reserves are reported in tonnes, whereas previously they were reported in pounds. For Barrick-operated assets, copper mineral reserves for 2023 are estimated using a copper price of $3.00 per pound, consistent with 2022. Tonnes and metal content are reported to a rounding standard of two significant digits, with grades reported to two decimal places.
Barrick’s attributable measured and indicated gold resources for 2023 stand at 180 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. at 1.06g/t, with a further 39 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. at 0.8g/t of inferred resources. Mineral resources are estimated using a gold price of $1,700 per ounce. All mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, while inferred mineral resource grades are reported to one decimal place.
Continued growth of the gold mineral resource base is expected to be realised through comprehensive evaluation programs of the Fourmile deposit, which target an update to mineral resources at the end of 2024 in addition to supporting the commencement of a pre-feasibility study on the southernmost portion of the Fourmile deposit immediately adjacent to Goldrush.
Barrick’s attributable measured and indicated copper resources for 2023 stand at 21 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper at 0.39%, with a further 7.1 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper at 0.4% of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, while inferred mineral resource grades are reported to one decimal place. Copper mineral resources for 2023 are estimated using an updated price of $4.00 per pound. As of December 31, 2023, Barrick’s copper mineral resources are reported in tonnes, whereas previously they were reported in pounds.
Looking foward to 2024, the Barrick mineral resource base is expected to provide the foundation of future growth with two potential Tier One assets.Please see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. As part of this, the 2023 Reko Diq mineral resource updates reflect the ongoing feasibility study updates, resulting in attributable measured and indicated mineral resource of 8.3 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper at 0.43% with 14 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of gold at 0.25g/t, and an attributable inferred mineral resource of 2.2 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper at 0.3% with 3.8 million ouncesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of gold at 0.2g/t. Additionally, the Lumwana updated 2023 measured and indicated copper resources stand at 7.1 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper at 0.52%, providing the basis for 2024 feasibility study updates, with a further 4 million tonnesPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes. of copper at 0.4% of inferred resources.
2023 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product.