“Within our gold growth portfolio, the wholly-owned Fourmile project is a best-in-class development project located in the world’s most prolific gold district adjacent to existing infrastructure, with ongoing drilling demonstrating significant potential to increase in grade and size. Together, the Reko Diq and Lumwana Super Pit feasibility studies will underpin potential reserve updates and the transition to construction. The Reko Diq project also remains on track to deliver an updated feasibility study by the end of 2024. 3,5 The accelerated Lumwana work program is now targeting to complete a full feasibility study by the end of 2024, which brings forward our expected production from the Super Pit to 2028. Reko Diq in Pakistan is positioned to rank as one the world’s top 10 copper mines when it reaches full production and the pre-feasibility study on the Lumwana Super Pit Expansion is projected to deliver a potential of 240,000 tonnes of copper production per annum from a 50 million tonne process plant expansion over a 36-year life of mine. If it was properly appreciated, Barrick would be commanding a premium to our peers,” he said. “The value of these projects, and in particular of our substantial and growing copper business, is currently underestimated by the market. Speaking to investors on an update call, Bristow said this substantial growth in copper production combined with the output from Barrick’s sector-leading gold portfolio was expected to increase the group’s attributable production by some 30% to 6.8 million gold-equivalent ounces by 2031. ![]() Toronto – With the potential embedded in its growth project portfolio, Barrick plans to double its copper production by the end of the decade and continue to increase it to an estimated 1 billion pounds or 450,000 tonnes of copper per annum by 2031, says president and chief executive Mark Bristow.
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