From Pueblo Viejo to Reko Diq: Barrick Gold Charts a Path to Expansion
$GOLD
Barrick Gold Corporation (NYSE:GOLD), a Toronto-based leader in gold and copper mining, has been focusing on several growth projects that are pivotal to its strategy for increasing its gold equivalent ounces by 30% by the end of the decade. The company has successfully met its production targets for 2024, achieving guidance in both gold and copper sectors amidst challenging market conditions.
This success is underscored by a 69% increase in net earnings—the highest in a decade—and a 20% growth in operating cash flow. Key projects such as the expansion at Pueblo Viejo, the pre-feasibility studies at Fourmile and the restart of the Porgera mine are central to Barrick’s strategy.
The company has completed important feasibility studies for Reko Diq and the Lumwana Expansion project. Reko Diq, located in Pakistan, is set to be one of the world’s largest untapped copper-gold deposits, while Lumwana is poised to become a top global copper mine. Its commitment is evident in its selection of Fluor Corporation as the lead Engineering, Procurement and Construction Management (EPCM) partner for the Reko Diq project.
In response to what it believes is an undervaluation by the market, Barrick has actively repurchased $498 million in shares in 2024 and plans to continue this trend. For 2025, the company projects its gold production to be between 3.15 to 3.5 million ounces, with all-in sustaining costs ranging from $1,460 to $1,560 per ounce.
With its strategic projects and its commitment to operational excellence, Barrick is positioned to continue its trajectory, enhancing value for all stakeholders and contributing positively to the communities in which it operates. The company moves forward, its strategic initiatives are expected to solidify its position as a leader in the global mining sector, promising a future of profitability and responsible mining.
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