Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) delivered a strong performance in Q4, increasing gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, gold cost of sales1 and total cash costs2 for the quarter
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)
delivered a strong performance in Q4, increasing gold
production by 15% and copper production by 33% over
Q3 to meet its annual guidance for the year. Additionally,
gold cost of sales1 and total cash costs2 for the quarter
were reduced by 3% and 5%, respectively.
The results for the year, released today, report a
69% increase in net earnings to $2.14 billion, a 51%
increase in adjusted net earnings 3 to $2.21 billion and
a 30% rise in attributable EBITDA 4 to $5.19 billion for
2024 — the highest in over a decade. Year-on-year
operating cash flow increased 20% to $4.49 billion
and free cash flow5 more than doubled to $1.32 billion,
driven by the stronger earnings. A quarterly dividend
of $0.10 per share was maintained, bringing the total
annual dividend paid to shareholders to $696 million,
and a further $498 million was returned in buying back
shares.
“Barrick remains focused on sustainable value creation
for all our stakeholders and as our results today clearly
demonstrate, we have the asset quality, balance sheet
strength and organic growth projects to deliver on our
vision well into the future,” said Barrick president and
chief executive Mark Bristow.
Q42024
7 8 9
TRANSFORMING
LUMWANA
REKO DIQ'S
POTENTIAL
FOURMILE
ADVANCES
TORONTO – FEBRUARY 12, 2025
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
RESERVES
GROW
SIGNIFICANTLY
5
Barrick Delivers Strong Year-End Performance
While Advancing Key Growth Projects
Results
Release
CONTINUED ON PAGE 3
FULL YEAR GOLD AND COPPER
WITH ANNUAL GUIDANCE
SIGNIFICANT GROWTH IN
GOLD AND COPPER RESERVES
FEASIBILITY STUDIES ADD 73Moz NEW
ATTRIBUTABLE GEOs6,7,8
QUARTERLY DIVIDEND DECLARED
$0.10 PER SHARE
NYSE: GOLD
TSX: ABX
Q4 NET EPS $0.57, UP 104%
Q4 ADJUSTED NET EPS3 $0.46
PRODUCTION IN LINE WITH
Key Performance Indicators
Best Assets…
▪ Replaced depleted gold reserves at existing mines and added 13 million ounces attributable proven
and probable reserves from Reko Diq6
▪ Significant increases in production across all regions deliver higher Q4 gold production
▪ Full year attributable gold production of 3.91 million ounces, in line with annual guidance
▪ Quarter-on-quarter improvement at Pueblo Viejo across flotation, CIL2 circuit stability and recovery
step up
▪ Veladero delivers best production in last five years and successfully commissions Phase 7B leach
pad
▪ Increased Q4 copper production ensures delivery at midpoint of annual guidance
▪ Engineering partners appointed for Lumwana and Reko Diq and on track with early works design
and long lead item fabrication
▪ Pueblo Viejo Naranjo TSF feasibility completed and drilling ongoing to validate design
▪ New decline development commences at Bulyanhulu to access new reserves and increase mining
flexibility
▪ Significant drilling results at NGM, Reko Diq, Loulo, Tanzania and Kibali confirm quality pipeline of
targets with progress on early-stage targets across Barrick’s expanding greenfields portfolio
Key Growth Projects…
▪ Reko Diq and Lumwana Feasibility Studies add 13Mt of new attributable copper reserves (73Moz of
gold equivalent ounces)6,7,8
▪ Barrick’s Fourmile proceeds to prefeasibility study on back of successful drilling program
▪ Lumwana expansion permitted and Reko Diq ESIA progresses
Leader in Sustainability…
▪ 48% reduction in LTIFR9 and 20% reduction in TRIFR9 year-on-year
▪ Africa & Middle East region has again achieved its best Malaria Incident Rate (MIR) on record,
lowering the MIR by a further 51% from 2023
▪ 824 hectares of concurrent rehabilitation completed in 2024 – exceeding target by 13%
Delivering Value…
▪ 20% increase in operating cash flow for 2024 to $4.5 billion
▪ Free cash flow5 for 2024 more than double 2023 at $1.3 billion
▪ Net earnings per share of $0.57 and adjusted net earnings per share3 of $0.46 for the quarter
▪ Q4 share buyback increased to $354 million – brings total to $498 million for the year
▪ $0.10 per share dividend declared with $1.2 billion in total shareholder returns in 2024
BARRICK YEAR-END 2024 2 PRESS RELEASE
Financial and Operating Highlights
Financial Results Q4 2024 Q3 2024 2024 2023
Realized gold price10,11
($ per ounce) 2,657 2,494 2,397 1,948
Realized copper price10,11
($ per pound) 3.96 4.27 4.15 3.85
Net earnings12
($ millions) 996 483 2,144 1,272
Adjusted net earnings3
($ millions) 794 529 2,213 1,467
Attributable EBITDA4
($ millions) 1,697 1,292 5,185 3,987
Net cash provided by
operating activities ($ millions) 1,392 1,180 4,491 3,732
Free cash flow5
($ millions) 501 444 1,317 646
Net earnings per share
($) 0.57 0.28 1.22 0.72
Adjusted net earnings
per share3 ($) 0.46 0.30 1.26 0.84
Total attributable capital
expenditures13,14 ($ millions) 758 583 2,607 2,363
Financial Position As at
12/31/24
As at
9/30/24
As at
12/31/24
As at
12/31/23
Debt (current and long-
term) ($ millions) 4,729 4,725 4,729 4,726
Cash and equivalents
($ millions) 4,074 4,225 4,074 4,148
Debt, net of cash
($ millions) 655 500 655 578
Operating Results Q4 2024 Q3 2024 2024 2023
Gold
Production10
(thousands of ounces) 1,080 943 3,911 4,054
Cost of sales1,10
($ per ounce) 1,428 1,472 1,442 1,334
Total cash costs2,10
($ per ounce) 1,046 1,104 1,065 960
All-in sustaining costs2,10
($ per ounce) 1,451 1,507 1,484 1,335
Copper
Production10,15
(thousands of tonnes) 64 48 195 191
Cost of sales10,16
($ per pound) 2.62 3.23 2.99 2.90
C1 cash costs10,17
($ per pound) 2.04 2.49 2.26 2.28
All-in sustaining costs10,17
($ per pound) 3.07 3.57 3.45 3.21
CONTINUED FROM PAGE 1
Barrick’s North America and Africa and Middle East operations
met their production guidance for the year, while in the Latin
America and Asia Pacific region, a slower-than-expected ramp
up at Pueblo Viejo meant the region delivered slightly below
guidance despite a stellar performance from Veladero. Pueblo
Viejo is planning further upgrades in 2025 to continue the
improvement in throughput and recovery, starting with a
planned 35-day shutdown in the first quarter of the year.
“During the fourth quarter, we made steady progress in
ramping up operations at Pueblo Viejo, improving recovery,
despite lower production on the back of a slight decrease in
grade. At Veladero and Nevada Gold Mines, we boosted
production and we closed the gaps at Kibali while
strengthening the management team there. Additionally, we
completed two major feasibility studies to advance the
transformational Lumwana and Reko Diq projects, and also
significantly increased our reserves and resources,” said
Bristow.
Barrick continued its strong track record of reserve additions,
growing attributable proven and probable gold mineral
reserves by 17.4 million ounces 18 (23%) before 2024
depletion. Attributable proven and probable gold mineral
reserves now stand at 89 million ounces at 0.99g/t 19,
increasing from 77 million ounces at 1.65g/t 20 in 2023. Copper
mineral reserves grew by 224% year-on-year on an
attributable basis, at more than 13% higher grade, to 18
million tonnes of copper at 0.45% 19, from 5.6 million tonnes of
copper at 0.39% in 2023. 20 This resulted from the completion
of the Lumwana and Reko Diq feasibility studies — affirming
both projects as potential Tier One 21 copper assets.
Additionally, the wholly-owned Fourmile project is advancing to
prefeasibility following a successful 2024 drilling program.
For 2025, attributable gold production is expected to be in the
range of 3.15–3.5 million ounces, excluding production from
Loulo-Gounkoto while it is temporarily suspended. Attributable
copper production for 2025 is projected to increase from
195,000 tonnes in 2024 to 200,000–230,000 tonnes, driven by
increased production at Lumwana.
Bristow said Barrick remains open to a constructive
engagement with the Malian government and he continues to
believe that a mutually beneficial solution can be found.
“While ongoing issues in Mali remain an investor concern,
which have overly weighed on the share price, Barrick’s
fundamental value proposition has never been stronger. As
such, we have capitalized on the undervaluation of our shares
by increasing our repurchases, and we have renewed our $1
billion share buyback program for the upcoming year,” said
Bristow.
BARRICK YEAR-END 2024 3 PRESS RELEASE
“Our ability to self-fund our growth pipeline is a major strength
and, unlike many of our peers, we won't need costly mergers
and acquisitions or to issue additional equity to grow
production. Our focus on a quality Tier One 21 asset portfolio,
continuous talent development, growth potential, robust
balance sheet and unparalleled track record in replacing the
reserves we mine, are the key reasons why we should be the
go-to stock,” he said.
Q4 2024 Results Presentation
Mark Bristow will host a live presentation of the results today
at 11:00 EST, with an interactive webinar linked to a
conference call. Participants will be able to ask questions.
Go to the webinar
US/Canada (toll-free), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814
The Q4 presentation materials will be available on Barrick’s
website at www.barrick.com and the webinar will remain on
the website for later viewing.
Barrick Reports Share Repurchases and Declares Q4 Dividend
Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2024. The
dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.
The Q4 2024 dividend will be paid on March 17, 2025 to
shareholders of record at the close of business on February
28, 2025.
In addition to the quarterly dividends, Barrick repurchased
28.675 million shares during the year under the share buyback
program that was announced in February 2024, including 21
million shares during Q4 2024.
“The strong performance of our business has allowed us to
provide significant returns to shareholders in 2024 through the
combination of dividends and share buybacks, especially in
the fourth quarter, at a compelling valuation. At the same time,
Barrick continues to maintain one of the strongest balance
sheets in the industry ensuring adequate liquidity to invest in
our significant growth projects,” said senior executive vice-
president and chief financial officer Graham Shuttleworth.
BARRICK YEAR-END 2024 4 PRESS RELEASE
In San Juan, Argentina, a team from Veladero brought a CAT 785B truck to the National Sun Festival for the community to see up close.
Barrick Announces New Share Buyback Program
Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its
common shares.
Barrick’s Board of Directors has authorized a new program for
the repurchase of up to $1.0 billion of the Company’s
outstanding common shares over the next 12 months at
prevailing market prices in accordance with applicable law. In
connection with the new share repurchase program, Barrick
has terminated the share repurchase program announced by
the Company on February 14, 2024. The Company
repurchased $498 million in common shares under its 2024
share repurchase program.
Under the program, repurchases can be made from time to
time through published markets in the United States such as
the New York Stock Exchange using a variety of methods,
including open market purchases, as well as by any other
means permitted under the rules of the U.S. Securities and
Exchange Commission and other applicable legal
requirements.
Barrick believes that, from time to time, the market price of its
common shares trade at prices that may not adequately reflect
their underlying value. The actual number of shares that may
be purchased, if any, and the timing of such purchases, will be
determined by Barrick based on a number of factors, including
the Company’s financial performance, the availability of cash
flows, and the consideration of other uses of cash, including
capital investment opportunities, returns to shareholders, and
debt reduction.
The repurchase program does not obligate the Company to
acquire any particular number of common shares, and the
repurchase program may be suspended or discontinued at
any time at the Company’s discretion.
Barrick Grows Gold and Copper Reserves Significantly,
Setting It Apart From Its Peers as It Positions for Growth
Barrick grew attributable proven and probable gold mineral reserves by 17.4 million ounces 18 (23%) before
2024 depletion. Attributable proven and probable mineral reserves now stand at 89 million ounces at 0.99g/t 19,
increasing from 77 million ounces at 1.65g/t20 in 2023.
The year-on-year change was led by the conversion of Reko
Diq resources to mineral reserves, adding 13 million ounces of
gold at 0.28g/t 19 on an attributable basis, following the
completion of the feasibility study. Significantly, before the
addition of Reko Diq, Barrick delivered a fourth consecutive
year of replacing annual depletion at a 4% higher grade,
continuing to demonstrate the results of an unremitting focus
on asset quality and further extending the life of our existing
operations.
BARRICK YEAR-END 2024 5 PRESS RELEASE
For 2025, Barrick's attributable gold production is expected to be in the range of 3.15–3.5 million ounces, excluding production from Loulo-Gounkoto while it is temporarily suspended.
Attributable copper production for 2025 is projected to increase from 195,000 tonnes in 2024 to 200,000–230,000 tonnes, driven by increased production at Lumwana.
Since the end of 2019, Barrick has replaced more than
180%18 of the company’s depleted gold reserves, adding
almost 46 million ounces18 of attributable proven and probable
reserves (77 million ounces18 of proven and probable reserves
on a 100% basis) across Barrick-managed assets.
Attributable measured and indicated gold resources for 2024
remain consistent, at 180 million ounces at 1.06g/t 19, with a
further 41 million ounces at 0.9g/t 19 of inferred resources, up
5% from 2023.
At the same time, copper mineral reserves grew by 224%
year-on-year on an attributable basis, at more than 13%
higher grade to 18 million tonnes of copper at 0.45% 19, from
5.6 million tonnes of copper at 0.39% in 2023. 20 This resulted
from the completion of the Lumwana and Reko Diq feasibility
studies affirming both projects as Tier One 21 Copper Assets.
The Lumwana Super Pit Expansion feasibility study added
5.5Mt of Cu reserves to the project, resulting in proven and
probable copper reserves of 8.3 million tonnes of copper at
0.52%.19 The Reko Diq feasibility study added 7.3 million
tonnes of copper at 0.48% 6 to attributable copper reserves.
This represents an addition of more than 20 million tonnes 19 of
proven and probable copper reserves on a 100% basis since
2023.
Attributable measured and indicated copper resources for
2024 stand at 24 million tonnes 19 of copper at 0.39%, with a
further 3.9Mt 19 of copper at 0.3% of inferred resources,
reflecting the conversion and upgrade of copper mineral
resources at Lumwana.
For 2024, mineral reserves are based on an updated gold
price assumption of $1,400/oz 22 and a consistent copper price
of $3.00/lb. 22 Mineral resources are reported inclusive of
reserves and for 2024 are based on an updated gold price of
$1,900/oz22 and a consistent copper price of $4.00/lb.22
President and chief executive Mark Bristow said Barrick’s
strategy of investing in organic growth through exploration and
mineral resource management has set the group apart from its
peers within the industry, positioning Barrick as a champion for
value creation as we continue to grow our production profile
organically.
“In order for our industry to help build a better world, we have
to invest in our own future, with transformational projects like
the Lumwana Super Pit and Pueblo Viejo expansions, Reko
Diq and Fourmile. Barrick’s vision for these projects extends
beyond mining, ensuring the benefits of these investments
provide multi-generational benefits to our host countries and
local communities through the development of local service
provider partnerships and investment in the sustainability of
our operating environments,” said Bristow.
Mineral Resource Management and Evaluation Executive
Simon Bottoms said that since the end of 2019, Barrick has
successfully added 111 million ounces 18 of attributable gold
equivalent reserves at a cost of approximately $10 per
ounce23, demonstrating the value proposition of our strategy.
“The company's reserve prices of $1,400/oz for gold 22 and
$3.00/lb for copper 22 are designed to extract the optimum
value from our geologically defined orebodies whilst delivering
the highest value, demonstrating the quality differentiation of
our Tier One21 assets. This approach is complemented by our
reserve replacement strategy, where we aim to add value by
delineating ore body extensions and satellites at our long-term
reserve prices rather than diluting the quality of our reserves
through lifting reserve prices beyond the relative levels of cost
inflation,” said Bottoms.
Gold mineral reserves in the Africa & Middle East region, after
annual depletion, grew to 19 million ounces at 3.35g/t 19 in
2024 from 18.8 million ounces at 3.24g/t 20 in 2023. This was
predominantly driven by both Bulyanhulu and Loulo-Gounkoto,
with extensions of the high-grade Reef 2 and Yalea
underground orebodies respectively, combined with growth of
the Faraba open pit. Overall, this delivered a 2.3 million
ounce19 increase in attributable proven and probable reserves
across the region, before depletion. North Mara also
contributed to the strong results through the extension of the
Gokona underground and Gena open pit. At Kibali, the
ongoing conversion drilling in the 9000 and 11000 lodes in
KCD underground replaced 98% of depletion, with ongoing
development to establish further underground drill platforms
for 2025.
The Latin America & Asia Pacific region, led by Pueblo Viejo,
replaced 115% of the regional 2024 gold reserve depletion
before the addition of Reko Diq, which added 0.78 million
ounces19 to attributable proven and probable reserves before
depletion as a result of additional pit design pushbacks
unlocked by the additional TSF capacity in the new Naranjo
facility. Porgera grew attributable gold reserves by 22% year-
on-year with the successful conversion of the open pit Link
cutback adjacent to the West Wall cutback.
In North America, the ongoing growth programs at Turquoise
Ridge, Leeville Underground in Carlin and the Reona cut-back
in Phoenix, added 1.54 million ounces 19 of gold to proven and
probable reserves on an attributable basis before annual
depletion, which were partially offset by reductions in Cortez
driven by metallurgical model updates in Crossroads and
Robertson. This resulted in attributable proven and probable
mineral reserves for the region of 30 million ounces at 2.71g/
t19, representing a more than 10% increase in the grade year-
over-year (2.45g/t in 2023) as a result of the high-grade
growth additions and reductions of low-grade at Cortez. At the
same time, attributable gold measured and indicated mineral
resources for the region now stands at 66 million ounces at
2.18g/t19, due to the removal of Long Canyon mineral
resources, as the site is planned to progress into full closure
during 2025. Meanwhile, attributable inferred gold mineral
resources for the region grew to 21 million ounces at 3.3 g/t 19,
driven by Fourmile’s mineral resource 24 growth in the
southernmost portion of the orebody immediately adjacent to
the existing Goldrush mine. Looking forward to 2025, Barrick
plans to commence prefeasibility-study drilling at the end of
the first quarter of 2025 which will target continued extension
of the mineral resource along strike to the north, while also
completing the foundational studies for the planned Bullion Hill
northern access portal.
BARRICK YEAR-END 2024 6 PRESS RELEASE
Transforming Lumwana Into a Top 25 Copper Producer
Barrick has completed a comprehensive feasibility study for the Super Pit Expansion at Lumwana in
Zambia25, transforming the mine into a long-life, high yielding, Top 25 copper producer and Tier One 21
copper mine, capable of contending with the volatility of the copper demand cycles.
The expansion will substantially increase the mine’s
production capacity, extending its operational life by 17 years
to 2057, and doubling the capacity of the processing plant
from 27 million tonnes per annum (Mtpa) to a peak design of
54Mtpa — achieving an average copper output of 240,000
tonnes annually over the life of the mine, from a planned
52Mtpa process feed. Based on the feasibility study, the total
project capital cost is estimated to be $2 billion.
Construction is set to begin in 2025, with the project promising
substantial improvements in operational efficiency. The
expansion has significantly grown Lumwana’s mineral
reserves, increasing proven and probable copper reserves
from 510 million tonnes at 0.58% for 3.0 million tonnes of
contained copper as of year-end 2023 to 1,600 million tonnes
at 0.52% for 8.3 million tonnes of contained copper as of year-
end 2024. 7 Notably, this expansion will replace the total
copper produced by Lumwana since 2009 by over 400%.25
The project involves key infrastructure developments,
including the expansion of existing mining operations at
Chimiwungo and Malundwe, the opening of two new open pits
at Kamisengo and Kababisa, and a substantial increase in
mining capacity to 200Mtpa in 2026 and 300Mtpa in 2030. By
2039, the mine is projected to reach a maximum peak mining
capacity of 350Mtpa, positioning Lumwana as the largest mine
in Africa by total tonnes moved.
Technological advancements are central to the expansion,
with plans to introduce high-level automation and modern
process control systems. The parallel process circuit will
enable substantial productivity improvements and reduced
operating costs. A new pit-rim crusher and conveyor system
will optimize hauling efficiency, cutting current ultra-class
trucking haul cycles by at least 15%. The tailings storage
facility will see a capacity increase from 360 million tonnes to
two billion tonnes.
The expansion capitalizes on copper fundamentals and
delivers a financially robust low capital intensity mine, with a
projected cumulative operating cash flow of $36 billion and
free cash flow of $15.2 billion 5 over the mine's life, based on a
three-year trailing copper price of $4.03 per pound. 25 The
project will be self-funded by Barrick and current Lumwana
operations, paying back the initial expansion capital in
approximately two years after completion of the expansion at
$4.03 per pound.
Environmental and social responsibility are key considerations
of the project. Barrick has secured all necessary mining
licenses over the entire project area and completed an
Environmental and Social Impact Assessment, which was
approved in November 2024. Additional permits are on
schedule to be approved prior to construction. The Company
is also investing up to $2 million through a REDD+ Project to
offset environmental impacts, partnering with local chiefdoms
and the Zambian government to conserve approximately
215,000 hectares of forest.
BARRICK YEAR-END 2024 7 PRESS RELEASE
The expansion project at Lumwana in Zambia will substantially increase the mine’s production capacity, extending its operational life by 17 years to 2057.
Updated Feasibility Study Demonstrates
Reko Diq’s Transformative Potential
Barrick has completed the updated feasibility study for the Reko Diq project 26, marking a significant
milestone in the development of one of the world's largest undeveloped copper-gold deposits. Reko Diq will
be a major contributor to Pakistan’s economy which is expected to have a transformative impact on the
Balochistan province.
Barrick’s share of the project represents 50%, with 25% held
by three Pakistani state-owned enterprises and 25% held by
the Government of Balochistan, of which 15% is on a fully
funded basis and 10% is on a free carried basis.
The updated feasibility study outlines a 37-year mine life with
a total estimated capital investment on a 100% basis of $8.83
billion, to be divided into two phases, with Phase 1 having an
estimated total capital cost of $5.6-$6.0 billion (100% basis,
exclusive of financing costs). On February 11, 2025, the Board
of Directors conditionally approved the development of Phase
1 subject to the closing of up to $3 billion of limited recourse
project financing. Assuming $3 billion of project financing,
Barrick’s share of the total partner equity contribution required
for the development of Phase 1 is expected to be $1.8-$2.0
billion.
Early works construction commenced during the first quarter
of 2025, with first production anticipated by the end of 2028.
The project will leverage five of the fifteen identified porphyry
surface expressions within the current mining lease,
highlighting substantial future growth potential.
Under the updated feasibility study, Phase 1 is planned to see
45 million tonnes of mill feed processed annually (Mtpa),
ramping up to 24 0,000 tonnes of copper and 297,000 ounces
of gold (on a 100% basis). 26 By 2034, Phase 2 will expand
operations to 90Mtpa, increasing annual production to an
average of 46 0,000 tonnes of copper and 5 20,000 ounces of
gold for the first ten years (2034-2043). 26 2044 will see the
peak mining rate of 250Mtpa and a life-of-mine strip ratio of
1.07.26
Probable mineral reserves, on a 100% basis, are 3,000 million
tonnes at 0.48% representing 15 million tonnes of copper and
2,900 million tonnes at 0.28g/t representing 26 million ounces
of gold.6 The mining operation will utilize electric rope shovels,
diesel hydraulic excavators and 360-tonne ultra class haul
trucks. The processing plant consists of a three-stage crushing
circuit, ball milling and conventional flotation.
Saline groundwater, located approximately 300-750 meters
below the surface, that is not suitable for drinking or irrigation
is planned as the primary water supply sourced from a nearby
aquifer, with power produced through a combination of heavy
fuel oil generators, solar systems and battery storage. Future
integration into Pakistan’s national grid is planned for Phase 2.
An Environmental and Social Impact Assessment (ESIA) was
completed in December 2024 and submitted to the relevant
government authorities, with approval expected during Q1
2025. Throughout the ESIA process, continuous engagement
with local communities and other key stakeholders was
undertaken to ensure that their concerns were considered.
Based on a three-year trailing average copper price of $4.03
per pound and gold price of $2,045 per ounce, Barrick
estimates the project will deliver an internal rate of return of
21.32%, generating $90 billion in operating cash flow and $70
billion in free cash flow 5 (on a 100% basis) over the life of
mine and generating $54 billion of revenue within Pakistan.
Reko Diq is the largest foreign direct investment project in
Balochistan and one of the largest in Pakistan.
BARRICK YEAR-END 2024 8 PRESS RELEASE