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Reserves & Resources

Annual Report 2021

Reserves and Resources

Barrick’s attributable proven and probable gold reserves were 69 million ounces at an average grade of 1.71g/t, increasing from 68 million ounces at an average grade of 1.66g/t in 2020.

Strong replacement of depletion at both the resource and reserve level is a direct result of the geological improvements and remodeling undertaken over the previous three years following the Merger.

The incorporation and integration of mine design optimizations are also driving many of the additions.

A sound understanding of the geological orebody has been integrated with a better understanding of local variations in the geotechnical and metallurgical disciplines to produce integrated and optimized mine designs.

As at December 31, 2021, Barrick’s attributable proven and probable gold reserves were 69 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 1.71g/t, increasing from 68 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 1.66g/t in 2020. Reserves were estimated using a gold price assumption of $1,200 per ounce, unchanged from 2020. The year-on-year change incorporates the net removal of 0.91 million ounces from reserves, due to the expected change in Barrick’s equity interest in Porgera from 47.5% to 24.5%, partially offset by the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 40% of South Arturo that Nevada Gold Mines did not already own. When adjusting for the above ownership changes, the net increase in reserves year-on-year is approximately 3%.

Attributable Contained Gold Reserves Figures rounded to two significant digits. Please see page 138 of the annual report for corresponding endnotes.

Attributable Contained Gold Reserves

Attributable Contained Copper Reserves Figures rounded to two significant digits. Please see page 138 of the annual report for corresponding endnotes.

Attributable Contained Copper Reserves

Reserve replenishment, net of depletion, was achieved at three of Barrick’s Tier One Gold Assets – Kibali, Cortez and Turquoise Ridge – while Bulyanhulu, North Mara, and Phoenix also all achieved this milestone. This further moves the Bulyanhulu and North Mara mines closer to potential Tier One status as a combined complex, while the Covid-19 pandemic continued to impact drilling activities at Veladero. The company’s focus on geological modeling is delivering results with year-on-year mineral reserves growing, net of depletion. During 2021, the company converted 8.1 million ounces to attributable proven and probable reserves. Compared to mining depletion of 5.4 million ounces, this represents a notable 150% replacement of depleted ounces.

At December 31, 2021, Barrick’s attributable measured and indicated gold resources were 160 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 1.50g/t using a gold price assumption of $1,500 per ounce, unchanged from 2020. 

This compares to measured and indicated gold resources of 160 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 1.52g/t at December 31, 2020. At December 31, 2021, Barrick’s attributable inferred gold resources were 42 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 1.3g/t, compared to 43 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 1.4g/t the previous year. Excluding the impact of the expected change in equity interest at Porgera, the disposal of Lagunas Norte, and the South Arturo asset exchange with i-80 Gold, Barrick’s total attributable mineral resource replacement net of depletion was 126%. This growth in total mineral resources stems from a combination of increased confidence in the company’s geological models as well as a more integrated approach to mine planning, resulting in improved optimizations that ultimately support increased mineral resource conversion.

Copper reserves for 2021 are calculated using a copper price of $2.75 per pound and resources are calculated at $3.50 per pound, both unchanged from 2020. At December 31, 2021, attributable proven and probable copper mineral reserves were 12 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.38%. This compares to 13 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.39% for the prior year.

Attributable measured and indicated copper mineral resources were 24 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.35%, and inferred copper mineral resources were 2.1 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.2% at December 31, 2021. This compares to prior year attributable measured and indicated copper mineral resources of 25 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.36%, and inferred copper mineral resources of 2.2 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.2%. 

Replenishing Our Reserves
Exploration drives the Barrick train

Barrick replaced its depletion of gold mineral reserves by 150% and improved the quality of its group reserve grade by 3% in 2021. Reported at $1,200/oz, attributable proven and probable mineral reserves now stand at 69 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at 1.71g/t, increasing from 68 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at 1.66g/t in 2020. Attributable measured and indicated gold resources for 2021 stood at 160 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at 1.50g/t, with a further 42 million ouncesPlease see page 138 of the annual report for corresponding endnotes. at 1.3g/t of inferred resources. Mineral resources are reported inclusive of reserves and at a gold price of $1,500/oz.

Attributable proven and probable copper reserves were 12 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.38% in 2021. Attributable measured and indicated copper resources were 24 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.35%, and inferred copper resources were 2.1 billion poundsPlease see page 138 of the annual report for corresponding endnotes. at an average grade of 0.2% in 2021. Mineral resources are reported inclusive of reserves. Copper mineral reserves are estimated using a copper price of $2.75 per pound and mineral resources are estimated at $3.50 per pound.

Barrick’s exploration teams continue to uncover new satellites and extensions to existing deposits, and the North America and Africa and Middle East regions more than replaced reserves after mining depletion last year. 

At the same time, greenfields exploration programs are evaluating new targets with standalone potential away from Barrick’s mines as well as investigating new regions and third-party projects with the potential to meet its investment criteria.

Barrick has also been expanding its global footprint through investments in prospective new properties in Egypt, Guyana and Japan, and has set up a specialist Asia Pacific team to explore opportunities in that region.

Annual Report 2021

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