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Latin America & Asia Pacific

Annual Report 2023

Latin America and Asia Pacific

Barrick’s Latin America and Asia Pacific portfolio includes operations and projects in South America, Dominican Republic, Pakistan and Papua New Guinea. This region continues to be a value driver for Barrick with the Pueblo Viejo expansion project gaining momentum, the restart of Porgera and the massive Reko Diq project expected to produce its first gold and copper in 2028.

Attributable Gold Production

Attributable Gold Mineral Reserves and Resources

Attributable Gold Production

1 Based on the midpoint of guidance range.

Attributable Gold Mineral Reserves and Resources

Mineral resources are reported inclusive of mineral reserves.

 

Gold Cost of Sales, Total Cash Costs and AISCPlease see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes.

Latin America and Asia Pacific 5-year Production Outlook

Gold Cost of Sales, Total Cash Costs and AISC

1 Based on the midpoint of guidance range.

Latin America and Asia Pacific 5-year Production Outlook

Gold equivalent ounces (GEO) from copper assets are calculated using gold price of $1,948/oz for 2023 and $1,300 for 2024 to 2028; and copper price of $3.85/lb for 2023 and $3.00/lb for 2024 to 2028. Gold produced at Reko Diq is included as part of LATAM and AP gold production bar. Copper produced at Reko Diq is included in GEOs. Costs are presented in real terms and incorporate impact of royalties assuming gold price of $1,900/oz and copper price of $3.50/lb from 2024 onwards.

Pueblo Viejo consists of two open pits, Moore and Monte Negro, with material processed through autoclaves. The commissioning of the expansion project is on track to be ramped up during the second quarter of 2024, following the reconstruction of the feed conveyor. The technical and social studies for additional tailings storage capacity (El Naranjo) continues to advance as planned. Geotechnical drilling and site investigations are ongoing and continue to support the feasibility study, which is due for completion in the third quarter of 2024. The project is designed to increase throughput to approximately 14 million tonnes per annum and transform Pueblo Viejo into a mine capable of sustaining average annual gold production of more than 800,000 ounces beyond 2040i.

New high potential areas of interest have been consolidated in the Dominican Republic and field work will be conducted in 2024 to define their geological framework and mineral potential. In the Pueblo Viejo District, the exploration team continues to return strong results at new satellite systems, with follow-up drilling planned for 2024.

At Veladero in Argentina, the mine exceeded the top end of its production guidance for 2023. Construction of Phase 7A of the leach pad expansion was successfully completed while construction of Phase 7B started during the third quarter of 2023 and is scheduled for completion in 2024. Several target areas have been confirmed as areas of interest for high sulfidation mineralization in the Veladero district, with drilling expected after the Andean Winter.

In Peru, a portfolio of exciting targets was progressed and are permitted for drilling in 2024. New areas have been consolidated, with positive early results from regional reconnaissance work.

Generative work is ongoing in Chile, with the aim of securing a strong portfolio of district-scale projects that provide exploration optionality. During the year a detailed desktop prospectivity review was completed, and the team progressed to field-validation of the highest ranked areas.

In Papua New Guinea (PNG), Barrick successfully engaged with the PNG government and other stakeholders to reopen Porgera, which had been in care and maintenance since April 2020. The Independent State of PNG granted a new Special Mining Lease, following the execution of the Mining Development Contract and other key agreements.

Formal completion of the Commencement Agreement was achieved on December 22, 2023. Recommissioning of the Porgera mine commenced on that date and first gold is expected during the first quarter of 2024.

At Reko Diq in Pakistan, one of the largest undeveloped copper gold porphyry projects in the world, Barrick is updating the project’s 2010 feasibility study, with engineering consultants engaged to advance key areas and to start basic engineering. This is expected to be completed by the end of 2024, with 2028 targeted for first production.

Reko Diq is ramping up its headcount, with most of the new recruits from its host province of Balochistan, while working with schools and hospitals as part of its community development commitments.

The exploration team is also focused on identifying untested upside around the known porphyries as well as upgrading the geological understanding of the deposits as part of the feasibility study update.