Barrick to double copper output to 1 billion lb. by 2031

Barrick Gold (TSX: ABX; NYSE: GOLD) is looking to its growth portfolio to double its copper production by 2031 to 1 billion lb. of copper. President and CEO Mark Bristow said the copper increase plus its gold production was to boost total production to 6.8 million gold equivalent oz. by that date.
“The value of these projects, and in particular of our substantial and growing copper business, is currently underestimated by the market. If it was properly appreciated, Barrick would be commanding a premium to our peers,” Bristow told investors.
On the copper front, the $7 billion Reko Diq mine in Pakistan will be one of the 10 largest in the world when it reaches production in 2028 at an initial rate of 550 million lb. copper and 300,000 oz. gold annually. Barrick is the 50% owner, and the feasibility study will be complete by the end of 2024.
The Lumwana super pit expansion in Zambia is going ahead. It is expected to reach an annual output of 530 million lb. in 2028.
Barrick’s growing gold output is underpinned by the Fourmile development project. Part of Nevada Gold Mines, shared with Newmont, the new mine the output could be as much as 300,000 to 400,000 oz. The total output for the operation on a 100% basis is expected to grow to 3.7 million oz. toward the end of the decade.
In the mix is high-grade potential at the Horsham project and growing resources at Turquoise Ridge. The Porgera gold mine has been restarted in Papua New Guinea.
More News
Ukraine rejects US bid for 50% of rare earth minerals, FT says
Zelenskiy wants US and European security guarantees to be tied directly to any deal on the mineral reserves, FT reports.
February 16, 2025 | 08:53 am
Jubilee Metals begins processing high-grade copper to recoup production
The milestone follows Jubilee's recent agreement to secure 200,000 tonnes of material with a copper content of around 1.6% for its Roan facility.
February 16, 2025 | 08:25 am
Over 40 people killed in Mali mine collapse
The accident took place near the town of Kenieba in Mali's gold-rich Kayes region.
February 16, 2025 | 08:22 am
Trump starts energy dominance drive with White House council
The new National Energy Dominance Council will be led by Interior Secretary Doug Burgum.
February 15, 2025 | 01:58 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
2 Comments
Abdoulaye Bouare
Salut monsieur le directeur je suis soudeur CV et certificat de travail et permis de conduire poids lourd merci DG
Chinwe
Hello want to invest in Barrick gold