Exploration
Reserves are the cornerstone of Barrick’s business and, whether by exploration1 or acquisition, reserve replacement is a critical component of sustainable success. Much of Barrick’s success can be attributed to its practice of consistent investment in exploration and in acquisitions of properties with early stage potential, allowing the Company to continue its excellent track record of consistently replacing reserves.
Even during the years of low gold prices, when most of the industry retrenched, Barrick maintained its commitment to exploration and discovered Lagunas Norte, one of the few major discoveries of the 1990s. Barrick has now amassed an extensive portfolio of operating mines and exploration properties in what the Company believes to be some of the best and most prospective regions in the world. Much of that exploration potential lies near existing infrastructure, where the likelihood of reserve replacement is enhanced and the cost of proving up ounces is reduced.
Barrick believes there is excellent potential to make discoveries to expand reserves and resources at its existing mines. The Company’s 2011 exploration budget of $370-$390 million is weighted towards near term resource additions and conversion at its existing mines while still providing support for earlier stage exploration in its operating districts.
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