Dual-listed Barrick Gold replaced its depletion of gold mineral reserves by 150%, before acquisition and equity changes, at its South Arturo and Porgera operations, and improved the quality of its group reserve grade by 3% in 2021, the company’s yearly reserve and resource declaration indicates.

Reported at $1 200/oz, attributable proven and probable mineral reserves now stand at 69-million ounces at 1.71 g/t gold, compared with 68-million ounces at 1.66 g/t gold in 2020.

President and CE Mark Bristow said that, in a sector feeling the pinch of dwindling reserves and resources, successful exploration continued to replenish the company’s asset base and target pipeline, securing its business plans well into the future.

“While we look closely at all new business opportunities, we believe finding our ounces is always better than buying them. That’s why we’re still discovering real value at the end of our drill bits,” he said in a February 10 release.

The growth was led by the North America and Africa and Middle East regions, which contributed more than 8.4-million ounces of attributable proven and probable reserve gains before depletion.

In North America, significant gains were driven by the completion of the updated feasibility study of the Goldrush underground project, which increased Goldrush’s attributable proven and probable mineral reserves by 3.6-million ounces to 4.8-million ounces at 7.29 g/t gold.

At the Turquoise Ridge complex, attributable proven and probable reserves increased by 1.4-million ounces before depletion, principally on the back of a revised geological model at Turquoise Ridge Underground.

In Africa, Bulyanhulu completed an updated underground feasibility study on the Deep West portion of the orebody, allowing it to increase attributable proven and probable reserves by 770 000 oz before depletion through the conversion of inferred mineral resources.

Staying in Tanzania, a fully optimised, integrated mine plan at North Mara has increased attributable proven and probable reserves by 1.1-million ounces before depletion.

Barrick’s two tier 1 mines in Africa also delivered strong results, with Kibali able to more than replace depletion of reserves and Loulo-Gounkoto replenishing 98% of depletion for the year.

Total attributable group gold resources, excluding the impact of disposition and equity changes mainly related to Lagunas Norte and Porgera, grew net of depletion, resulting in a 126% replacement of depletion.

Mineral resources are reported inclusive of reserves and at a gold price of $1 500/oz. Attributable measured and indicated gold resources for 2021 stood at 160-million ounces at 1.5 g/t gold, with a further 42-million ounces at 1.3 g/t gold of inferred resources.

The significant increase in attributable mineral resources was led by the Carlin complex, in Nevada, where a total of 910 000 oz of measured and indicated resources and three-million ounces of inferred resources were added year-on-year.

Staying in Nevada, the Turquoise Ridge complex also increased year-on-year attributable measured and indicated resources by 1.5-million ounces mainly on the back of a revised geological model at Turquoise Ridge Underground.

Copper mineral reserves for 2021 are estimated using a copper price of $2.75/lb and mineral resources are estimated at $3.50/lb, both unchanged from 2020.

Attributable proven and probable copper reserves were 12-billion pounds at an average grade of 0.38% in 2021.

Attributable measured and indicated copper resources were 24-billion pounds at an average grade of 0.35%, and inferred copper resources were 2.1-billion pounds at an average grade of 0.2% in 2021. Mineral resources are reported inclusive of reserves.