Lumwana | Jotup

Geologically Driven Asset Management Delivers Barrick’s Third Successive Year of Reserve Growth at Sustained Quality, While Unlocking Embedded Growth Portfolio

Retrieved on:

Thursday, February 8, 2024

Copper, Growth, Evaluation, Lumwana, UNT Coliseum, TSX, Barrick Gold, Gold, Area studies, Reko Diq, KCD

TORONTO, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) grew attributable proven and probable gold mineral reserves by 5.0 million ounces before 2023 depletion, while continuing to maintain the quality of the mineral reserve base. Attributable proven and probable mineral reserves now stand at 77 million ounces2 at 1.65g/t, increasing from 76 million ounces3 at 1.67g/t in 2022. Led by the Africa & Middle East region, Barrick has delivered a third consecutive year of organic gold reserve growth over and above annual depletion. This unremitting focus on asset quality has successfully delivered replacement of over 140%4 of the company’s gold reserve depletion since end of year 2019, adding almost 29 million ounces4 of attributable proven and probable reserves or 44 million ounces4 of proven and probable reserves on a 100% basis (excluding acquisitions and divestments).

Key Points:

Attributable proven and probable mineral reserves now stand at 77 million ounces2 at 1.65g/t, increasing from 76 million ounces3 at 1.67g/t in 2022.
Led by the Africa & Middle East region, Barrick has delivered a third consecutive year of organic gold reserve growth over and above annual depletion.
Successful drilling programs at Lumwana drove the growth of proven and probable copper reserves by 330 thousand tonnes2 of copper in 2023.
Looking forward to 2024, the regional mineral resource base is forecast to be a key driver of future growth.

Barrick’s Lumwana Super Pit Project On Track for First Production in 2028

Retrieved on:

Tuesday, January 23, 2024

Tax, Partnership, Local government, TSX, Barrick Gold, Business, Ministry, Environment, Lumwana

LUSAKA, Zambia, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Lumwana copper mine’s Super Pit expansion project has been accelerated with first production now scheduled for 2028, Barrick president and chief executive Mark Bristow advised Zambian president Hakainde Hichilema at their meeting here today.

Key Points:

The project will transform Lumwana into one of the world’s major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life1.
It is a key component of the Zambian government’s drive to revive the country’s copper industry over the next 10 years.
The estimated cost of the project is almost $2 billion and construction is scheduled to start towards the end of this year.
The ramp-up of the reopened Malundwe pit and completion of the transition to owner mining supported the achievement of its production guidance for 2023.

Safety, Stability and Upside in Uncertain Times

Retrieved on:

Tuesday, October 10, 2023

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- In volatile economic conditions, smart money seeks stability and moves to safe havens. Historically, one of the safest places and most stable spaces during economic uncertainty is gold, a highly liquid asset that preserves and even increases in value over time and carries no credit risk. The precious metal benefits from multiple levers of demand such as gold jewelry, tech/industrial use and a reserve asset as well as a strategic investment. History has shown that gold's variable demand pressures enhance a portfolio by improving diversification, providing liquidity and delivering long-term returns. Reacting to uncertainties, many gold mining companies, including GEMXX Corp. (OTCPK: GEMZ) (profile), have enjoyed significant growth during the recent volatility. Exploding past startup phase and achieving global growth in mere months, GEMXX is fast approaching a holy grail that differentiates GEMXX from all others in the gold space – a vertically integrated mining company – a unique mine-to-market enterprise that specializes in gold and gemstone mining as well as jewelry creation, production and global sales. GEMXX owns and controls every aspect of the process from gold mining and gemstone finishing to jewelry manufacturing and global distribution. Other larger mining companies may not have the unique vertical integration of GEMXX but are still seeing success in the precious metal sector including Agnico Eagle Mines Ltd. (NYSE: AEM), which recently reported record second-quarter numbers; Barrick Gold (NYSE: GOLD), which anticipates a second half of the year performance that surpasses its first; Newmont Mining (NYSE: NEM), which has received required approvals on a key acquisition announced earlier this year; and Franco-Nevada Corp. (NYSE: FNV), which has established a business model that provides investors with gold price and exploration optionality while limiting exposure to cost inflation.

Key Points:

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- In volatile economic conditions, smart money seeks stability and moves to safe havens.
Reacting to uncertainties, many gold mining companies, including GEMXX Corp. (OTCPK: GEMZ) ( profile ), have enjoyed significant growth during the recent volatility.
GEMXX owns and controls every aspect of the process from gold mining and gemstone finishing to jewelry manufacturing and global distribution.
GEMXX stands out as a leading producer of high-quality finished ammolite jewelry and is the only publicly traded ammolite company in the world.

Safety, Stability and Upside in Uncertain Times

Retrieved on:

Tuesday, October 10, 2023

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- In volatile economic conditions, smart money seeks stability and moves to safe havens. Historically, one of the safest places and most stable spaces during economic uncertainty is gold, a highly liquid asset that preserves and even increases in value over time and carries no credit risk. The precious metal benefits from multiple levers of demand such as gold jewelry, tech/industrial use and a reserve asset as well as a strategic investment. History has shown that gold's variable demand pressures enhance a portfolio by improving diversification, providing liquidity and delivering long-term returns. Reacting to uncertainties, many gold mining companies, including GEMXX Corp. (OTCPK: GEMZ) (profile), have enjoyed significant growth during the recent volatility. Exploding past startup phase and achieving global growth in mere months, GEMXX is fast approaching a holy grail that differentiates GEMXX from all others in the gold space – a vertically integrated mining company – a unique mine-to-market enterprise that specializes in gold and gemstone mining as well as jewelry creation, production and global sales. GEMXX owns and controls every aspect of the process from gold mining and gemstone finishing to jewelry manufacturing and global distribution. Other larger mining companies may not have the unique vertical integration of GEMXX but are still seeing success in the precious metal sector including Agnico Eagle Mines Ltd. (NYSE: AEM), which recently reported record second-quarter numbers; Barrick Gold (NYSE: GOLD), which anticipates a second half of the year performance that surpasses its first; Newmont Mining (NYSE: NEM), which has received required approvals on a key acquisition announced earlier this year; and Franco-Nevada Corp. (NYSE: FNV), which has established a business model that provides investors with gold price and exploration optionality while limiting exposure to cost inflation.

Key Points:

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- In volatile economic conditions, smart money seeks stability and moves to safe havens.
Reacting to uncertainties, many gold mining companies, including GEMXX Corp. (OTCPK: GEMZ) ( profile ), have enjoyed significant growth during the recent volatility.
GEMXX owns and controls every aspect of the process from gold mining and gemstone finishing to jewelry manufacturing and global distribution.
GEMXX stands out as a leading producer of high-quality finished ammolite jewelry and is the only publicly traded ammolite company in the world.

Barrick Strengthens Zambia Partnership, Invests in Major Expansion of Lumwana Mine

Retrieved on:

Wednesday, October 4, 2023

Workforce, Employment, Policy, Tax, Business, Ministry of Small and Medium Enterprises, Commerce and Business Environment (Romania), Ministry, Bristow, Lumwana, Mining, Republican, TSX, Copper, Small and medium enterprises in Mexico, Barrick Gold, News, NYSE, Renewable energy

LUSAKA, Zambia, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s transformation of its Lumwana mine into a world-class producer will provide strong impetus for the government’s thrust to revive the country’s copper industry, president and chief executive Mark Bristow said yesterday after a meeting with Zambian President Hakainde Hichilema.

Key Points:

Since Barrick took over operations at Lumwana in 2019, the mine has contributed almost $3 billion to the Zambian economy in the form of taxes, royalties, salaries and the procurement of goods and services.
“Barrick believes that its host countries are its key stakeholders and that partnering with them creates sustainable value for both of us.
Barrick is a key strategic partner on this journey.”
President Hichilema called on Barrick to prioritise local content and increase the participation of Zambian suppliers to the Lumwana mine.
He also encouraged Barrick to deploy the most advanced mining technology and invest in downstream value addition in support of the New Dawn’s vision of establishing green industrial parks in Zambia.

Barrick’s Embedded Growth Projects to Drive Value with 30% Rise in Production

Retrieved on:

Tuesday, September 12, 2023

TORONTO, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – 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.1

Key Points:

Barrick's 15-year production profile for Nevada Gold Mines is based on the same assumptions as the ten-year base case production profile detailed above.
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Gold Equivalent Ounces from copper assets are calculated using a gold price of $1,300/oz and a copper price of $3.00/lb.
Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life.

Great Future Beckons for Lumwana as Barrick Unlocks Potential

Retrieved on:

Friday, July 7, 2023

Policy, Tax, TSX, United, Employment, Barrick, Barrick Gold, NYSE, Lumwana, Mining

LUMWANA, Zambia, July 07, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s drive to transform the Lumwana copper mine into a Tier One1 asset with a life extending beyond 2060 is picking up speed with a strong performance in the past quarter adding impetus to its continuing production ramp-up.

Key Points:

Briefing media at a site visit here today, Barrick president and chief executive Mark Bristow said the mine’s full potential was only now being revealed.
Additional expansion opportunities, identified through an updated geological model, are currently being assessed, while drilling at the Kababisa prospect highlights potential mining flexibility through higher grades.
The Lumwana pre-feasibility study is progressing in line with our plans to transform its long-term copper profile through the delivery of the envisioned super pit.
“Since Barrick refocused its strategy in Africa in 2019, Lumwana has become a key element in the expansion of our strategic copper portfolio and a significant contributor to our bottom line.

Local First Policy Drives Barrick’s Procurement Practices

Retrieved on:

Friday, June 23, 2023

TSX, GOLD, Tax, Employment, Barrick, Bristow, NYSE, Lumwana, Randgold Resources, Video game

LUMWANA, Zambia, June 23, 2023 (GLOBE NEWSWIRE) -- The Lumwana copper mine has purchased approximately $4.3 billion in goods and services from Zambian registered businesses since it went into production, in line with Barrick Gold Corporation’s (NYSE:GOLD) (TSX:ABX) local procurement and economic development practices.

Key Points:

President and chief executive Mark Bristow said Lumwana’s local procurement expenditure in 2022 was $432 million, out of a total of $520 million, which represents 83% of the mine’s total procurement spend.
Since 2019, when Barrick was reconstituted following its merger with Randgold Resources, local expenditure has increased year on year.
“Our procurement practices prioritize local companies, followed by those from the larger Zambian region.
Local employees and business partners also bring diversity to our operations and business and help us better understand customs, cultural practices and the impact our activities have on host communities,” said Bristow.

Peerless Asset Quality and High-Potential Prospects Position Barrick for Profitable Growth

Retrieved on:

Friday, March 17, 2023

TORONTO, March 17, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The past year marked a major milestone in Barrick’s journey to becoming the world’s most valued gold and copper mining company, with the foundational targets of the new business created by the Merger1 having largely been met, and its greater goals now within reach, says president and chief executive Mark Bristow with the publication of the company’s 2022 annual report today.

Key Points:

When both these projects are completed in 2028 they will elevate Barrick into the front rank of copper producers.
This investment is made possible by the unmatched quality of our assets and the abundant free cash flow they generate.
Also embedded in our portfolio is a long pipeline of quality projects from which we are steadily unlocking value.
The ability to grow without having to buy is a very significant advantage that differentiates Barrick from its peers,” he said.

Focus on Tier One Assets Delivers Significant Increase in Resources and Reserves, Underpinning Industry-Leading Production Profile Growth

Retrieved on:

Thursday, February 9, 2023

Lumwana, UNT Coliseum, TSF, Gold, NYSE, TSX, Evaluation, Gold rush, Barrick Gold, H13, Robertson, Reko Diq, Growth, Goldstrike mine, Bristow, Oil, Mining, H15

TORONTO, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) grew attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion in 2022, while maintaining grade despite an increase in the reserve price assumption. Reported at $1,300/oz1, attributable proven and probable mineral reserves now stand at 76 million ounces2 at 1.67g/t, increasing from 69 million ounces3 at 1.71g/t reported at $1,200/oz1 in 2021. Led by Pueblo Viejo and the Africa & Middle East region, Barrick has now delivered a second consecutive year of gold reserve growth over and above annual depletion, with nearly 12 million ounces2 of attributable proven and probable reserve gains in 2022 before depletion.

Key Points:

Total attributable gold mineral resources grew by nearly 10% relative to 2021, and total attributable copper mineral resources more than doubled, growing by 124% year over year, both net of annual depletion.
Attributable measured and indicated gold resources for 2022 stand at 180 million ounces2 at 1.07g/t, with a further 42 million ounces2 at 0.8g/t of inferred resources.
Attributable measured and indicated copper resources for 2022 stand at 44 billion pounds2 at 0.39%, with a further 15 billion pounds2 at 0.4% of inferred resources.
Inferred attributable gold resources also increased to 17 million ounces2 at 1.8 g/t, from 16 million ounces3 at 2.0 g/t in 2021.