Our overarching objective is to grow our free cash flow per share over the long term.

Barrick's project portfolio is unsurpassed in the gold industry, and represents a source of optionality and value. As of December 31, 2017, we had proven and probable gold reserves of 64.4 million ounces1, and 88.7 million ounces of measured and indicated gold resources.1

Around existing mines, we are advancing organic growth opportunities at Turquoise Ridge, Cortez Deep South, Goldrush, Lagunas Norte, and Pueblo Viejo. Scaleable projects that provide future optionality include Donlin Gold, Norte Abierto, Pascua-Lama, and Alturas.

We are focused on growing our free cash flow per share through:

Optimizing development of existing reserves and resources

Adding new reserves through minesite exploration (Minex) in the near term

Advancing organic growth projects

Adding new resources through exploration

Strategic greenfield exploration supported by improved data mining

Assessing external opportunities to grow free cash flow per share


Seed financing and earn-ins with junior companies

Partnerships and joint ventures

Global Exploration

Exploration expertise is a competitive advantage for Barrick.

More on global exploration

Since 1990, we have found 129 million ounces of gold at an overall discovery cost of $29 per ounce, or roughly half the average finding cost across the industry. This includes two of the largest gold deposits discovered in recent decades—Lagunas Norte in Peru, and Goldrush in Nevada—as well as our new Alturas discovery in Chile.

These results are driven by the Barrick Exploration System (BXS), a proprietary system for identifying, evaluating, and ranking exploration projects that has been developed over two decades. This system significantly increases the chances for success and ensures our exploration dollars are allocated to the projects with the best potential returns at the lowest risk.

Approximately 80 percent of our total 2018 exploration budget of $185-$225 million is allocated to the Americas. Our exploration programs balance high-quality brownfield projects, greenfield exploration, and emerging discoveries that have the potential to become profitable mines.

After several years of exploration focused primarily on existing core districts and projects, we are increasing our budget and broadening our focus to include new greenfield opportunities.

Projects in Execution

Turquoise Ridge Expansion
Cortez Deep South

More on projects in execution

Turquoise Ridge

Turquoise Ridge Expansion, Nevada, U.S.A. (75% Barrick / 25% Newmont)

Project Overview: Double annual production through construction of a third shaft.

Estimated initial capital investment
$300-$325 million (100% basis)

Average annual production
Combined with additional processing capacity, roughly doubles annual production to more than 500,000 ounces per year (100% basis)

Cost of sales per ounce2
Around $720

All-in sustaining costs per ounce3
Roughly $630

Estimated construction start date
Permits for the construction of a third shaft are in hand. Surface works and shaft sinking are expected to take place in 2018 and 2019, followed by equipping of the shaft in 2020 and 2021.

Estimated initial production
Initial production from the new shaft expected to begin in 2022, and sustained production expected to begin 2023.

Learn more
Investor Day 2018 (PDF)

Cortez Deep South

Cortez Deep South, Nevada, U.S.A.

Project Overview: Expand mining into the Deep South area below currently permitted levels of the Cortez Hills underground mine, bringing forward production.

Feasibility Study Results

Estimated initial capital expenditure
~$105 million

Average annual production
~300,000 ounces

Cost of sales per ounce2

All-in sustaining costs per ounce3

Estimated first production

Learn more
Investor Day 2018 - (PDF)

Goldrush, Nevada, U.S.A.

and Fourmile


Project Overview: Development of an underground mine at Goldrush

Feasibility Study Results

Estimated initial capital expenditure
~$1 billion

Average annual production
~500,000 ounces

Cost of sales per ounce2

AISC per ounce3

Estimated first production

Sustained production

Learn more
Investor Day 2018 (PDF)

Brownfield Evaluation

Lagunas Norte
Pueblo Viejo
Robertson Property

More on brownfield evaluation

Lagunas Norte

Lagunas Norte Mine Life Extension, La Libertad, Peru

Project Overview: Extension of the mine life through sequenced installation of mill, carbon-in-leach, flotation, and autoclave processing facilities.

Feasibility Part 2 Study Results

Estimated initial capital expenditure
~$405 million

Average annual production
~170,000 ounces

Cost of sales per ounce2

AISC per ounce3

Estimated first production

Learn more
Investor Day 2018 (PDF)

Pueblo Viejo, Sanchez Ramirez, Dominican Republic (60% Barrick / 40% Goldcorp)

In 2017, Barrick completed an initial scoping-level study for a plant expansion at the Pueblo Viejo mine that would increase throughput by 50 percent to 12 million tonnes per year, allowing the mine to maintain average annual production of 800,000 ounces after 2022 (100% basis).

The project involves the addition of a pre-oxidation heap leach pad with a capacity of eight million tonnes per year, a new mill and flotation concentrator with a capacity of four million tonnes per year, and additional tailings capacity. Higher-grade ore would be processed through the mill before moving through the flotation and autoclave circuits. Lower-grade ore would be treated on the pre-oxidation pad before moving through the mill and autoclave circuits.

This project has the potential to convert roughly seven million ounces1 of measured and indicated resources to proven and probable reserves (100% basis). Prefeasibility level studies have now been initiated, along with the construction of on-site proof of concept facilities for pre-oxidation and flotation.

Learn more
Investor Day 2018 (PDF)

Robertson Property, Nevada, U.S.A.

In June 2017, Barrick completed the acquisition of the Robertson property and other claims in Nevada from Coral Gold Resources. The Robertson property is adjacent to Cortez, located just six kilometers north of the Pipeline mill. If successfully brought into production, material from the project would provide an additional feed for the Cortez mill, with the potential to extend open pit operations in the Cortez District. Robertson also has processing synergies with the Deep South underground expansion project at Cortez. In addition, the land package contains a number of promising near-mine exploration opportunities, as well potential new exploration targets in this highly prospective and prolific district.

Long-Term Optionality in Greenfields Projects

Donlin Gold
Norte Abierto

More on long-term optionality

Donlin Gold

Donlin Gold, Alaska, U.S.A. (50% Barrick / 50% NOVAGOLD)

  • Measured and indicated gold resources: 19.5 million ounces (50% basis)1.
  • Working in collaboration with our partners at NOVAGOLD to optimize the project, including the potential for staged development, while reducing upfront capital and mitigating development risk.
  • Completed a drill program of 7,040 meters in 2017 designed to further strengthen our understanding of target mineralized zones.
  • Permitting remains underway; we expect the final Environmental Impact Statement to be published by the U.S. Army Corps of Engineers in early 2018, with a Record of Decision expected in the second half of the year.
Cerro Casale

Norte Abierto, Atacama Region, Chile (50% Barrick / 50% Goldcorp)

  • Proven and probable gold reserves: 11.6 million ounces (50% basis)1
  • Measured and indicated gold resources: 13.3 million ounces (50% basis)1
  • Joint venture now advancing an optimized project design, including an updated geological model for the Cerro Casale, Caspiche, and Luciano deposits.
  • Work in 2018 will include trade-off and engineering studies on power, water, mining methods, and metallurgy, as well as ongoing stakeholder engagement and environmental baseline monitoring.

Pascua-Lama, San Juan Province, Argentina / Atacama Region, Chile

  • Measured and indicated gold resources: 23.1 million ounces1
  • We initiated a targeted drill program in November 2017 to improve ore body knowledge on the Argentinean side of the deposit, where further data was required to validate underground development plans and metallurgy. Ten of 12 holes have been completed thus far.
  • At present, the Pascua-Lama project does not meet Barrick’s investment criteria. Our intention is to seek a partner for Pascua-Lama, allowing us to share capital costs and technical expertise, thereby reducing risk. We have formed a working group with Shandong Gold to study a potential partnership. Preparations for permitting an underground operation are underway in Argentina and Chile, including closure of existing surface facilities in Chile.

Alturas, Coquimbo Region, Chile

The Alturas project, located in Chile on the El Indio Belt, is a Barrick greenfield discovery with 6.8 million ounces1 of inferred gold resources as of December 31, 2017. In 2017, we completed a scoping-level study for a conventional open pit heap leach operation at Alturas which fell just short of the Company’s hurdle rate. In support of project optimization efforts, we are now undertaking additional drilling focused on increasing grades, adding and better-defining shallow near surface mineralization, and increasing potential mine resource tonnage.

Date Download Description
January 1, 2013 files/design/bodybg/exploration.jpg
Operations > Exploration


  1. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2017, unless otherwise noted. Proven reserves of 398.2 million tonnes grading 1.91 g/t, representing 24.4 million ounces of gold, and probable reserves of 0.9 billion tonnes grading 1.39 g/t, representing 40.0 million ounces of gold. Measured resources of 400.0 million tonnes grading 0.92 g/t, representing 11.8 million ounces of gold, and indicated resources of 1.6 billion tonnes grading 1.54 g/t, representing 76.8 million ounces of gold. Inferred resources of 795.4 million tonnes grading 1.21 g/t, representing 30.8 million ounces of gold. Donlin Gold measured resources of 3.9 million tonnes grading 2.52 g/t (50% basis) representing 0.3 million ounces of gold (50% basis), and indicated resources of 266.8 million tonnes grading 2.24 g/t (50% basis), representing 19.2 million ounces of gold (50% basis). Norte Abierto (formerly known as the Cerro Casale project, comprised of the Cerro Casale, Caspiche and Luciano deposits) proven reserves of 114.9 million tonnes grading 0.65 g/t (50% basis) representing 2.4 million ounces of gold (50% basis), and probable reserves of 484.0 million tonnes grading 0.59 g/t (50% basis), representing 9.2 million ounces of gold (50% basis). Norte Abierto measured resources of 310.1 million tonnes grading 0.57 g/t (50% basis) representing 5.7 million ounces of gold (50% basis, indicated resources of 391.8 million tonnes grading 0.47 g/t (50% basis) representing 6.0 million ounces of gold (50% basis), and inferred resources of 99.1 million tonnes grading 0.29 g/t (50% basis) representing 0.9 million ounces of gold (50% basis). Pascua-Lama measured resources of 42.8 million tonnes grading 1.86 g/t representing 2.6 million ounces of gold, and indicated resources of 391.7 million tonnes grading 1.49 g/t, representing 18.8 million ounces of gold. Alturas inferred resources of 211 million tonnes grading 1.0 g/t, representing 6.8 million ounces of gold. Complete mineral reserve and mineral resource data for all mines and projects referenced on this website, including tonnes, grades, and ounces, can be found on pages 86-91 of Barrick’s Fourth Quarter and Year-End 2017 Report.
  2. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).
  3. “Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce starts with cost of sales applicable to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Cash costs” per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of “cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “Cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 23 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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