Home  >  Operations  >  Reserves & Resources

2021 Mineral Reserves & Resources

2021 Reserves & Resources

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 ounces at 1.71g/t, increasing from 68 million ounces at 1.66g/t in 2020. Attributable measured and indicated gold resources for 2021 stood at 160 million ounces at 1.50g/t, with a further 42 million ounces at 1.3g/t of inferred resources. Mineral resources are reported inclusive of reserves and at a gold price of $1,500/oz.

Press Release / February 10, 2022

Attributable Contained Gold Reserves Figures rounded to two significant digits. Please see page 138 of the 2021 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 2021 annual report for corresponding endnotes.

Attributable Contained Copper Reserves

Mineral Reserves & Resources
As at December 31, 2021 (unless otherwise noted)

PDF

Gold Mineral Reserves1,2,3

As at December 31, 2021PROVEN PROBABLE TOTAL
  TonnesGradeContained ozs TonnesGradeContained ozs TonnesGradeContained ozs
Based on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST            
Bulyanhulu surface  0.0001010.420.000035 0.0001010.420.000035
Bulyanhulu underground  107.762.5 107.762.5
Bulyanhulu (84.00%) total  107.762.5 107.762.5
Jabal Sayid surface 0.0720.340.00079  0.0720.340.00079
Jabal Sayid underground 6.30.190.039 6.70.330.071 130.260.11
Jabal Sayid (50.00%) total 6.40.190.040 6.70.330.071 130.260.11
Kibali surface 5.02.310.37 122.510.95 172.451.3
Kibali underground 9.44.541.4 114.541.6 214.543.0
Kibali (45.00%) total 143.761.7 233.502.6 373.604.3
Loulo-Gounkoto surface 9.62.620.81 123.261.3 222.982.1
Loulo-Gounkoto underground 8.44.451.2 215.033.4 294.864.6
Loulo-Gounkoto (80.00%) total 183.482.0 334.384.7 514.066.7
North Mara surface 0.661.730.037 371.732.1 381.732.1
North Mara underground 0.905.560.16 5.93.120.59 6.83.440.75
North Mara (84.00%) total 1.63.930.20 431.922.6 441.992.8
Tongon surface (89.70%) 2.01.510.095 5.91.990.38 7.91.870.47
AFRICA AND MIDDLE EAST TOTAL423.004.1 1203.2913 1603.2217
LATIN AMERICA AND ASIA PACIFIC          
Norte Abierto surface (50.00%) 1100.652.4 4800.599.2 6000.6012
Porgera surface4  4.83.660.56 4.83.660.56
Porgera underground4 0.586.790.13 2.66.250.53 3.26.340.66
Porgera (24.50%) total4 0.586.790.13 7.44.591.1 8.04.751.2
Pueblo Viejo surface (60.00%) 7.52.200.53 682.224.9 762.225.4
Veladero surface (50.00%) 9.80.410.13 800.822.1 900.772.2
LATIN AMERICA AND ASIA PACIFIC TOTAL1300.743.2 6400.8417 7700.8321
NORTH AMERICA            
Carlin surface 112.580.95 732.185.1 842.236.0
Carlin underground 129.253.6 7.08.181.8 198.865.4
Carlin (61.50%) total5 246.014.5 802.706.9 1003.4611
Cortez surface 1.42.130.095 371.662.0 391.682.1
Cortez underground6 0.788.570.21 267.776.5 277.796.7
Cortez (61.50%) total 2.24.430.31 634.168.5 654.178.8
Hemlo surface 0.0180.320.00018  0.0180.320.00018
Hemlo underground 0.345.020.055 6.15.191.0 6.45.181.1
Hemlo (100%) total 0.364.790.055 6.15.191.0 6.45.161.1
Long Canyon surface (61.50%) 0.211.430.0097 0.401.060.013 0.611.180.023
Phoenix surface (61.50%) 8.30.720.19 960.591.8 1000.602.0
Turquoise Ridge surface 182.131.2 8.31.900.51 262.051.7
Turquoise Ridge underground 8.811.053.1 129.893.7 2110.396.9
Turquoise Ridge (61.50%) total 265.094.3 206.594.3 465.748.6
NORTH AMERICA TOTAL 614.819.4 2702.6423 3303.0432
             
TOTAL 2402.2017 1,0001.6053 1,3001.7169
 
See “Mineral Reserves and Resources Endnotes”.

Copper Mineral Reserves1,2,3,7

As at December 31, 2021PROVEN PROBABLE TOTAL
  TonnesCu GradeContained Cu TonnesCu GradeContained Cu TonnesCu GradeContained Cu
Based on attributable pounds (Mt)(%)(Mlb) (Mt)(%)(Mlb) (Mt)(%)(Mlb)
AFRICA AND MIDDLE EAST            
Bulyanhulu surface  0.000100.610.0014 0.000100.610.0014
Bulyanhulu underground  100.3782 100.3782
Bulyanhulu (84.00%) total  100.3782 100.3782
Jabal Sayid surface 0.0723.064.9  0.0723.064.9
Jabal Sayid underground 6.32.30320 6.72.24330 132.27650
Jabal Sayid (50.00%) total 6.42.31330 6.72.24330 132.27650
Lumwana surface (100%) 680.51770 4100.585,200 4700.576,000
AFRICA AND MIDDLE EAST TOTAL 750.671,100 4200.605,600 5000.616,700
LATIN AMERICA AND ASIA PACIFIC          
Norte Abierto surface (50.00%) 1100.19480 4800.232,400 6000.222,900
Zaldívar surface (50.00%) 1800.451800 420.34320 2300.432,100
LATIN AMERICA AND ASIA PACIFIC TOTAL 3000.352,300 5300.242,700 8200.285,000
NORTH AMERICA            
Phoenix surface (61.50%) 110.1740 1300.17470 1400.17510
NORTH AMERICA TOTAL 110.1740 1300.17470 1400.17510
             
TOTAL 3800.413,400 1,1000.378,800 1,5000.3812,000
             
See “Mineral Reserves and Resources Endnotes”.

Silver Mineral Reserves1,2,3,7

As at December 31, 2021PROVEN PROBABLE TOTAL
  TonnesAg GradeContained Ag TonnesAg GradeContained Ag TonnesAg GradeContained Ag
Based on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST            
Bulyanhulu surface  0.000104.320.000014 0.000104.320.000014
Bulyanhulu underground  106.922.3 106.922.3
Bulyanhulu (84.00%) total  106.922.3 106.922.3
AFRICA AND MIDDLE EAST TOTAL  106.922.3 106.922.3
LATIN AMERICA AND ASIA PACIFIC            
Norte Abierto surface (50.00%) 1101.917.0 4801.4322 6001.5229
Pueblo Viejo surface (60.00%) 7.511.182.7 6814.8533 7614.4935
Veladero surface (50.00%) 9.812.413.9 8014.7838 9014.5242
LATIN AMERICA AND ASIA PACIFIC TOTAL 1303.2114 6304.5893 7604.34110
NORTH AMERICA            
Phoenix surface (61.50%) 8.37.402.0 966.3520 1006.4322
NORTH AMERICA TOTAL 8.37.402.0 966.3520 1006.4322
             
TOTAL 1403.4616 7404.84120 8804.62130
             
See “Mineral Reserves and Resources Endnotes”.

Gold Mineral Resources1,2,3,8,9

As at December 31, 2021MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
 TonnesGradeContained ozs TonnesGradeContained ozs Contained ozs TonnesGradeContained ozs
Based on attributable ounces(Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST             
Bulyanhulu surface 0.0001010.420.000035 0.000035 
Bulyanhulu underground 178.924.8 4.8 248.06.2
Bulyanhulu (84.00%) total 178.924.8 4.8 248.06.2
Jabal Sayid surface0.0720.340.00079  0.00079 
Jabal Sayid underground6.80.220.049 7.90.370.092 0.14 1.30.60.022
Jabal Sayid (50.00%) total6.90.230.050 7.90.370.092 0.14 1.30.60.022
Kibali surface7.12.260.52 202.251.5 2.0 3.72.10.25
Kibali underground144.632.1 224.062.8 5.0 6.63.00.64
Kibali (45.00%) total213.842.6 423.184.3 6.9 102.70.89
Loulo-Gounkoto surface9.52.570.79 143.311.5 2.3 3.22.10.22
Loulo-Gounkoto underground164.572.3 304.944.8 7.1 8.33.10.82
Loulo-Gounkoto (80.00%) total253.823.1 444.426.2 9.3 122.81.0
North Mara surface132.541.0 401.411.8 2.8 5.01.10.18
North Mara underground0.643.560.073 182.041.2 1.3 7.81.80.46
North Mara (84.00%) total132.591.1 581.613.0 4.1 131.60.65
Tongon surface (89.70%)2.81.790.16 7.82.210.55 0.71 3.52.70.30
AFRICA AND MIDDLE EAST TOTAL703.157.1 1803.3419 26 644.59.1
LATIN AMERICA AND ASIA PACIFIC             
Alturas surface (100%)   2601.18.9
Norte Abierto surface (50.00%)1900.633.9 1,1000.5319 22 3700.44.4
Pascua Lama surface (100%)431.862.6 3901.4919 21 151.70.86
Porgera surface4 103.211.0 1.0 3.92.50.31
Porgera underground40.646.660.14 4.26.200.84 0.98 1.36.50.28
Porgera (24.50%) total40.646.660.14 144.091.9 2.0 5.33.50.59
Pueblo Viejo surface (60.00%)632.034.1 1502.0410 14 381.72.1
Veladero surface (50.00%)110.390.14 1300.712.9 3.0 180.70.39
LATIN AMERICA AND ASIA PACIFIC TOTAL123101.0911 1,8000.9252 63 7100.817
NORTH AMERICA             
Carlin surface282.332.1 1501.829.0 11 581.22.2
Carlin underground237.535.6 126.972.7 8.4 10.07.52.4
Carlin (61.50%) total5514.687.8 1702.2012 19 682.14.6
Cortez surface1.42.120.096 921.073.2 3.3 620.51.1
Cortez underground61.28.060.32 327.407.7 8.0 155.92.8
Cortez (61.50%) total2.64.880.41 1202.7111 11 761.63.9
Donlin surface (50.00%)3.92.520.31 2702.2419 20 462.03.0
Fourmile underground (100%) 1.0010.900.35 0.35 6.410.62.2
Hemlo surface0.0240.480.00037 270.900.78 0.78 5.40.90.15
Hemlo underground0.664.640.098 114.731.7 1.8 3.75.60.67
Hemlo (100%) total0.684.500.099 382.032.5 2.6 9.12.80.82
Long Canyon surface0.542.660.046 5.32.450.42 0.47 1.10.80.029
Long Canyon underground 1.110.680.38 0.38 0.539.10.16
Long Canyon (61.50%) total0.542.660.046 6.53.870.80 0.85 1.63.60.19
Phoenix surface (61.50%)130.650.27 2300.513.7 4.0 300.40.36
Turquoise Ridge surface252.121.7 232.001.5 3.2 101.80.60
Turquoise Ridge underground1110.283.5 188.845.2 8.7 0.686.20.14
Turquoise Ridge (61.50%) total364.575.3 415.056.6 12 112.00.74
NORTH AMERICA TOTAL1104.0814 8701.9956 70 2502.016
              
TOTAL4902.0532 2,8001.40130 160 1,0001.342
              
See “Mineral Reserves and Resources Endnotes”.

Copper Mineral Resources1,3,7,8,9

As at December 31, 2021MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
  TonnesGradeContained lbs TonnesGradeContained lbs Contained lbs TonnesGradeContained lbs
Based on attributable pounds (Mt)(%)(Mlb) (Mt)(%)(Mlb) (Mlb) (Mt)(%)(Mlb)
AFRICA AND MIDDLE EAST              
Bulyanhulu surface  0.000100.610.0014 0.0014 
Bulyanhulu underground  170.41150 150 240.4200
Bulyanhulu (84.00%) total  170.41150 150 240.4200
Jabal Sayid surface 0.0723.064.9  4.9 
Jabal Sayid underground 6.82.60390 7.92.22380 770 1.31.438
Jabal Sayid (50.00%) total 6.92.60390 7.92.22380 780 1.31.438
Lumwana surface (100%) 930.511,000 8800.5410,000 11,000 7.60.693
AFRICA AND MIDDLE EAST TOTAL 990.651,400 9100.5511,000 12,000 330.4330
LATIN AMERICA AND ASIA PACIFIC              
Norte Abierto surface (50.00%) 1700.21790 1,0000.214,700 5,500 3600.21,400
Zaldívar surface (50.00%) 3900.403,400 2400.361,900 5,300 260.3190
LATIN AMERICA AND ASIA PACIFIC TOTAL 5600.344,200 1,3000.246,600 11,000 3900.21,600
NORTH AMERICA              
Phoenix surface (61.50%) 160.1655 3100.151,000 1,100 320.190
NORTH AMERICA TOTAL 160.1655 3100.151,000 1,100 320.190
               
TOTAL 6800.385,700 2,5000.3419,000 24,000 4500.22,100
               
See “Mineral Reserves and Resources Endnotes”.

Silver Mineral Resources1,3,7,8,9

As at December 31, 2021MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
  TonnesAg GradeContained Ag TonnesAg GradeContained Ag Contained Ag TonnesAg GradeContained Ag
Based on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST              
Bulyanhulu surface  0.000104.320.000014 0.000014 
Bulyanhulu underground  177.313.9 3.9 246.34.9
Bulyanhulu (84.00%) total  177.313.9 3.9 246.34.9
AFRICA AND MIDDLE EAST TOTAL  177.313.9 3.9 246.34.9
LATIN AMERICA AND ASIA PACIFIC              
Norte Abierto surface (50.00%) 1901.6210 1,1001.2343 53 3701.011
Pascua-Lama surface (100%) 4357.2179 39052.22660 740 1517.88.8
Pueblo Viejo surface (60.00%) 6311.4723 15012.6363 86 389.011
Veladero surface (50.00%) 1111.354.0 13014.1958 62 1813.88.1
LATIN AMERICA AND ASIA PACIFIC TOTAL 31011.68120 1,80014.56820 940 4402.839
NORTH AMERICA              
Phoenix surface (61.50%) 136.742.8 2305.8843 46 305.65.4
NORTH AMERICA TOTAL 136.742.8 2305.8843 46 305.65.4
               
TOTAL 32011.48120 2,00013.50870 990 5003.150
               
See “Mineral Reserves and Resources Endnotes”.

Summary Gold Mineral Reserves1,2,3

For the years ended December 3120212020
 OwnershipTonnesGradeOuncesOwnershipTonnesGradeOunces
Based on attributable ounces%(Mt)(g/t)(Moz)%(Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST        
Bulyanhulu surface84.00%0.0001010.420.00003584.00%
Bulyanhulu underground84.00%107.762.584.00%6.98.922.0
Bulyanhulu Total84.00%107.762.584.00%6.98.922.0
Buzwagi surface84.00%84.00%1.70.760.042
Jabal Sayid surface50.00%0.0720.340.0007950.00%
Jabal Sayid underground50.00%130.260.1150.00%
Jabal Sayid Total50.00%130.260.1150.00%120.230.090
Kibali surface45.00%172.451.345.00%142.471.1
Kibali underground45.00%214.543.045.00%204.813.1
Kibali Total45.00%373.604.345.00%343.844.2
Loulo-Gounkoto surface80.00%222.982.180.00%173.211.7
Loulo-Gounkoto underground80.00%294.864.680.00%314.935.0
Loulo-Gounkoto Total80.00%514.066.780.00%484.336.7
North Mara surface84.00%381.732.184.00%181.440.85
North Mara underground84.00%6.83.440.7584.00%7.35.011.2
North Mara Total84.00%441.992.884.00%262.462.0
Tongon surface89.70%7.91.870.4789.70%9.31.920.57
AFRICA AND MIDDLE EAST TOTAL 1603.2217 1403.5216
LATIN AMERICA AND ASIA PACIFIC        
Norte Abierto surface50.00%6000.601250.00%6000.6012
Porgera surface424.50%4.83.660.5647.50%9.23.661.1
Porgera underground424.50%3.26.340.6647.50%6.36.341.3
Porgera Total424.50%8.04.751.247.50%154.752.4
Pueblo Viejo surface60.00%762.225.460.00%832.316.2
Veladero surface50.00%900.772.250.00%1100.752.6
LATIN AMERICA AND ASIA PACIFIC TOTAL 7700.8321 8100.8823
NORTH AMERICA        
Carlin surface61.50%842.236.061.50%912.216.5
Carlin underground61.50%198.865.461.50%199.175.6
Carlin Total561.50%1003.461161.50%1103.4212
Cortez surface61.50%391.682.161.50%521.522.6
Cortez underground661.50%277.796.761.50%119.383.4
Cortez Total61.50%654.178.861.50%642.926.0
Hemlo surface100%0.0180.320.00018100%0.570.770.014
Hemlo underground100%6.45.181.1100%9.05.081.5
Hemlo Total100%6.45.161.1100%9.64.821.5
Long Canyon surface61.50%0.611.180.02361.50%3.12.210.22
Phoenix surface61.50%1000.602.061.50%950.581.8
Turquoise Ridge surface61.50%262.051.761.50%262.031.7
Turquoise Ridge underground61.50%2110.396.961.50%1710.926.0
Turquoise Ridge Total61.50%465.748.661.50%435.587.7
NORTH AMERICA TOTAL 3303.0432 3202.8029
         
TOTAL 1,3001.7169 1,3001.6668
         
See “Mineral Reserves and Resources Endnotes”.

Mineral Reserves and Resources Endnotes

  1. Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2021 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of regional Mineral Resource Managers Simon Bottoms, Africa & Middle East Mineral Resource Manager and Chad Yuhasz, Latin America & Australia Pacific Mineral Resource Manager, Craig Fiddes, North America Resource Modeling Manager and reviewed by Rodney Quick, Barrick’s Mineral Resource Management and Evaluation Executive. Reserves have been estimated based on an assumed gold price of US$1,200 per ounce, an assumed silver price of US$16.50 per ounce, and an assumed copper price of US$2.75 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2020 and 2021 were calculating using Antofagasta guidance and an assumed copper price of US$3.10 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2021 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property.
  2. In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.
  3. All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu lb are reported to the second significant digit.
  4. Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s expected ownership interest following the implementation of the binding Framework Agreement entered into by Barrick Niugini Limited (“BNL”) with the Government of Papua New Guinea (“PNG”) on April 9, 2021. The Framework Agreement provides, among other things, for ownership of Porgera to be held in a new joint venture owned 51% by PNG stakeholders and 49% by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and will retain operatorship of the mine under the terms of the Framework Agreement. Efforts are ongoing to execute definitive agreements to implement the Framework Agreement and finalize a timeline for the reopening of the Porgera mine and resumption of full mine operations. For additional information, see page 30 of Barrick’s Third Quarter Report 2021.
  5. On October 14, 2021, NGM acquired the 40% interest in South Arturo that NGM did not already own from i-80 Gold Corp. Accordingly, Carlin mineral reserve and resource estimates include South Arturo on a 36.9% basis as at December 31, 2020, and on a 61.5% basis as at December 31, 2021. For additional information, see page 30 Barrick’s Third Quarter Report 2021.
  6. Cortez underground includes 20 million tonnes at 7.29g/t for 4.8 million ounces of probable reserves, 23 million tonnes at 7.07g/t for 5.2 million ounces of indicated resources and 14 million tonnes at 6.0g/t for 2.8 million ounces of inferred resources related to Goldrush. As noted in endnote #9, mineral resources are reported on an inclusive basis.
  7. 2021 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.
  8. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  9. Mineral resources are reported inclusive of mineral reserves.
  10. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places.
  11. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.
  12. On June 1, 2021, Barrick sold its 100% interest in the Lagunas Norte gold mine to Boroo Pte Ltd. For additional information, see page 30 of Barrick’s Third Quarter Report 2021.