Barrick Targets Northern Nevada: It's 'Far From Being A Mature Gold District,' CEO Says

Barrick Gold GOLD announced an uptick in proven and probable gold reserves.

The company anticipates 77 million ounces of gold by the close of 2023, compared to 76 million the previous year, factoring in mining depletion.

North American operations contributed 31 million contained ounces to those reserves.

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Barrick holds a 61.5% stake in Nevada Gold Mines (NGM) reserves via a joint venture with Newmont NEM.

Northern Nevada is "far from being a mature gold district,” Barrick Gold CEO Mark Bristow said.

The Carlin site also stands out with 9.7 million contained ounces, divided into 5 million ounces for surface mining and 4.6 million ounces for underground operations.

Similarly, Cortez, located in Lander and Eureka counties, boasts 9 million ounces in reserves, split between surface and underground mining.

The Turquoise Ridge complex in Humboldt County adds another 8.6 million ounces to Barrick’s reserves. A significant portion is allocated to underground operations.

According to Bristow, successful brownfield exploration has given these three sites a production growth profile extending well beyond 10 years.

The Phoenix Mine, situated south of Battle Mountain, contributes 1.7 million ounces for surface mining alongside notable reserves of silver and copper.

Aligning with the company’s transition to renewable energy, NGM completed the commissioning of the first 100 MW phase of its solar project in Q4 2023, with the second 100 MW scheduled to come online in the second half of this year.

In addition to North America, Barrick’s Africa and Middle East operations significantly contributed to the overall growth in gold reserves, marking the third consecutive year of organic growth beyond annual depletion. Bristow emphasized the focus on asset quality, enabling Barrick to replace more than 140% of gold reserve depletion since 2019.

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