Barrick Mining Corporation (Barrick) engages in the production and sale of gold, as well as related activities, such as exploration and mine development.
Barrick also produces significant amounts of copper, principally from its Zaldívar joint venture, Jabal Sayid joint venture and its Lumwana mine and holds other interests.
Segments
During 2024, Barrick’s business was organized into sixteen minesites. For the year ended December 31, 2024, Barrick’s reportable operating segments consisted of e...
Barrick Mining Corporation (Barrick) engages in the production and sale of gold, as well as related activities, such as exploration and mine development.
Barrick also produces significant amounts of copper, principally from its Zaldívar joint venture, Jabal Sayid joint venture and its Lumwana mine and holds other interests.
Segments
During 2024, Barrick’s business was organized into sixteen minesites. For the year ended December 31, 2024, Barrick’s reportable operating segments consisted of eight individual gold mines, Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu, and one individual copper mine, Lumwana.
Nevada Gold Mines (61.5% basis)
In connection with the establishment of Nevada Gold Mines on July 1, 2019, Barrick’s Cortez, Goldstrike, Turquoise Ridge and Goldrush properties, and Newmont’s Carlin, Twin Creeks, Phoenix, Long Canyon (which transitioned to care and maintenance at the end of 2023) and Lone Tree (which was divested in 2021 as part of an asset exchange agreement with i-80 Gold Corp., as previously disclosed) properties were contributed to the joint venture.
Carlin
The amounts presented represent Barrick’s 61.5% interest in Carlin (including Nevada Gold Mine’s 100% interest in South Arturo). At Carlin, the company expects its equity share of 2025 gold production to be in the range of 705 - 785 thousand ounces, in line with 2024 production levels.
Cortez
Barrick’s 61.5% interest in Cortez. Barrick is the operator of the Nevada Gold Mines joint venture, including the Cortez property.
Turquoise Ridge
Barrick’s 61.5% interest in Turquoise Ridge. Barrick is the operator of the Nevada Gold Mines joint venture, including the Turquoise Ridge Complex.
Other Mines - Nevada Gold Mines
Barrick’s 61.5% interest in Phoenix produced approximately 127 thousand ounces of gold. Barrick is the operator of the Nevada Gold Mines joint venture.
Pueblo Viejo (60% basis)
Barrick’s 60% interest in the Pueblo Viejo mine produced approximately 352 thousand ounces of gold.
Loulo-Gounkoto (80% basis)
Barrick’s 80% interest in Loulo-Gounkoto produced approximately 578 thousand ounces of gold.
Kibali (45% basis)
Barrick’s 45% interest in Kibali produced approximately 309 thousand ounces of gold.
North Mara (84% basis)
Barrick’s 84% interest in North Mara produced approximately 265 thousand ounces of gold.
Bulyanhulu (84% basis)
Barrick’s 84% interest in Bulyanhulu produced approximately 168 thousand ounces of gold.
Other Mines (Gold)
Barrick’s 50% interest in the Veladero mine produced approximately 252 thousand ounces of gold.
Lumwana
Lumwana produced approximately 123 thousand tonnes of copper.
Other Mines (Copper)
Barrick’s 50% interest in Zaldívar produced approximately 40 thousand tonnes of copper.
Material properties
Barrick has identified its Cortez, Carlin, Turquoise Ridge, Pueblo Viejo, Kibali, Loulo-Gounkoto, the Reko Diq Project, and Lumwana mines and complexes, as material properties.
Cortez Property
The Cortez property is located 100 kilometers southwest of the town of Elko, Nevada in the Lander and Eureka Counties at elevations ranging from 1,370 meters to 1,675 meters. As of December 31, 2024, the boundaries of the Cortez operational areas, which include the Cortez Hills, Pipeline/Crossroads, Cortez and Gold Acres complexes, encompassed approximately 22,591 hectares. Current mining activity is primarily focused on the Cortez Hills and Pipeline/Crossroads complexes, located approximately 26 kilometers south and 18 kilometers southwest of the town of Crescent Valley, Nevada, respectively. The property is accessible year-round by paved road from Elko, Nevada.
The property rights controlled by Cortez, either from outright ownership or by lease, consist of 36,173 hectares of unpatented mining claims held subject to the paramount title of the United States of America and 3,234 hectares of patented mining claims and fee mineral and surface land, owned or controlled through various patents issued by the United States of America. These property rights encompass the entire Cortez boundary, not just the operational areas. All unpatented mining claims are renewed on an annual basis and all necessary fees are paid prior to August 31 of each year.
Carlin Complex
The Carlin Complex consists of several open pit and underground operations. The major operations and advanced projects include Goldstrike Betze-Post open pit, Goldstrike underground (inclusive of the Ren underground expansion) South Arturo open pit, and El Nino underground, which were contributed to Nevada Gold Mines by Barrick (collectively, Goldstrike). The Carlin Complex also includes the Carlin North Area (consisting of multiple open pit mines known as Genesis/Tri-Star), Leeville underground (inclusive of the North Leeville expansion), Carlin underground portal mines, Gold Quarry (open pit mine), Rain/Emigrant (open pit mine) and satellite open pit deposits (Perry and Green Lantern) (collectively, the Newmont-Contributed Mines) which were contributed to Nevada Gold Mines by Newmont. The Carlin Complex also consists of various processing facilities, which process the ore from across the Carlin Complex, as well as from Nevada Gold Mines’ other sites and toll ore.
The Carlin Complex is in Eureka and Elko Counties, near the towns of Carlin and Elko, Nevada within the high desert of the Basin and Range physiographic providence. The Carlin Complex is located within the Carlin Trend, a 61-kilometer concentration of multiple gold deposits. The mines are spread over the entirety of this 61-kilometer trend, at an elevation range of 1,585 to 2,072 meters above sea level.
As of December 31, 2024, the plan boundaries of the Carlin Complex encompassed more than 22,250 hectares, which included about 12,141 hectares of private land (surface and minerals) owned or controlled by Nevada Gold Mines, and approximately 10,117 hectares owned by the United States government that are administered by the BLM. These rights are owned or controlled through ownership of various forms of patents issued by the United States federal government and by ownership of unpatented mining and mill-site claims held subject to the paramount title of the United States federal government.
The Carlin Complex includes a total of 2,990 unpatented Iode mining claims and mill-site claims and 485 owned patented claims to control the public acreage. Unpatented mining claims are maintained on an annual basis. All mining leases and subleases are reviewed on a monthly basis and all payments and commitments are paid as required by the specific agreements.
Turquoise Ridge Complex
Nevada Gold Mines operates the Turquoise Ridge Complex, located in Humboldt County, Nevada. In connection with the formation of Nevada Gold Mines, Barrick’s 75%-owned Turquoise Ridge Mine (25% Newmont) and Newmont’s Twin Creeks Complex were combined as a single operation, now known as the Turquoise Ridge Complex. The combined mining operation comprises the Turquoise Ridge Underground, Vista Underground, and Turquoise Ridge Surface.
Turquoise Ridge Underground covers an aggregate area of 2,402 hectares, which consists of 1,145 hectares of unpatented mining and mill-site claims and 1,257 hectares of patented/fee land. Turquoise Ridge Surface covers a total area of 7,925 hectares, of which 4,118 hectares are unpatented mining claims and 3,808 hectares are patented/fee lands. The Fiberline Project area (100% Newmont-owned property) is excluded from the Nevada Gold Mines’ joint venture area and does not encroach on the mineral reserve or mineral resource pit designs. As of December 31, 2024, the Turquoise Ridge Complex had approximately 900 employees and averages approximately 300 contractors.
Turquoise Ridge Underground produces high-grade refractory (carbonaceous/sulphide) gold ore from a long-life underground operation. Turquoise Ridge Underground is currently hoisting 3,000 tonnes of ore per day on average. Turquoise Ridge Surface produces oxide heap leach, oxide mill and sulphide ore. Processing operations at the Turquoise Ridge Complex consist of the Sage Autoclave, Juniper Oxide CIL plant and heap leach pads.
Nevada Gold Mines has prepared a life of mine production schedule based on processing facilities and current mineral reserves for the two operations (Turquoise Ridge Underground and Turquoise Ridge Surface) with production planned into 2049. The current planned minimum production rates for Turquoise Ridge Underground are approximately 3,000 tonnes of ore per day on average, and approximately 52,000 tonnes mined per day for the period of 2027 to 2032 at Turquoise Ridge Surface.
Pueblo Viejo Mine
The Pueblo Viejo mine is an open pit, conventional truck and shovel mining operation located in the province of Sánchez Ramírez in the central part of the Dominican Republic, on the Caribbean island of Hispaniola. The mine is approximately 100 kilometers northwest of the national capital of Santo Domingo.
The Pueblo Viejo mine is situated on the Montenegro Fiscal Reserve (the MNFR). Pueblo Viejo deposits are located in two major areas, the Monte Negro and Moore pits, as well as other smaller satellite pits. The property is accessible year-round by paved road from Santo Domingo.
Following completion of the plant expansion, the process plant is now designed to process approximately 30,000 tonnes per day of run-of-mine refractory ore. The primary unit operations are crushing, grinding, flotation, high-pressure oxidation, washing, neutralization and CIL circuits. The flotation circuit is used to increase sulfide grade from 6.85% to 9.8%, and the design basis for the oxygen plant is to provide the oxygen required to oxidize approximately 109 tonnes per hour of sulfides. This is equivalent to 1,110 tonnes per hour of autoclave feed containing 9.8% sulfide sulfur, assuming a design factor of 2.2 tonnes of oxygen per tonne of sulfides. Lower sulfide ores are often fed to the plant resulting in higher tonnage, often well over 30,000 tonnes per day.
Kibali Mine
The Kibali gold mine (Kibali) is located in the northeast of the DRC in the Haut Uélé Province. Kibali consists of multiple mineral deposits, including: KCD, Sessenge, Sessenge SW, Gorumbwa, Pakaka, Kombokolo, Pamao & Pamao South, Makoke, Mengu Hill, Mengu Village, Megi-Marakeke-Sayi, Kalimva, Ikamva, Aerodrome, Rhino, Ndala and Oere. The Kibali permit covers an area of approximately 1,836 square kilometers.
Kibali Goldmines SA (Kibali Goldmines), a joint venture company between Barrick, AngloGold Ashanti Limited (AngloGold), and Société Minière de Kilo-Moto SARL (SOKIMO), has been granted ten Exploitation (Mining) Permits under the DRC Mining Code (2002), eight of which are valid until 2029 and two of which are valid until 2030. The current life of mine plan for Kibali’s mineral reserves extends beyond these dates.
As of December 31, 2024, the operational pits were Pamao Phase 3 and 4, Pamao South, Gorumbwa Phase 3, Ndala, Kalimva Hill, Ikamva East, Rhino Phase 2 and Upper Rhino Phase 1. Open pit mining is mainly conducted by the contractor Kibali Mining Services, a local DRC company, using either free-dig or conventional drill, blast, load, and haul methods. The mining equipment is jointly owned by Barrick and the contractor’s parent company, the Bouygues Group. Kibali produced a total of 686,417 ounces of gold in 2024, of which Barrick’s share was 308,887 ounces of gold.
Loulo-Gounkoto Mine Complex
The Loulo-Gounkoto Mine Complex (Loulo-Gounkoto) is situated in western Mali adjacent to the Falémé River, which forms the international boundary between Mali and Senegal. Loulo-Gounkoto is located 350 kilometers west of the capital city of Bamako, 220 kilometers south of Kayes and to the northwest of the nearest town Kenieba. The Dakar to Bamako Millennium highway crosses the Loulo-Gounkoto haul road and serves as the primary access point for both mines and provides excellent road transport links with the rest of the country as well as to Senegal.
The Loulo gold mine (Loulo) consists of multiple mineral deposits including: Yalea, Gara, Loulo 3, Baboto, Gara West, PQ10, P129, P125L3 and P129QT. The Gounkoto gold mine (Gounkoto) consists of two mineral deposits: Gounkoto and Faraba. The Loulo and Gounkoto permits currently cover 261.23 square kilometers and 99.94 square kilometers respectively, for a total area of 361.17 square kilometers.
The Loulo gold mine is within the Loulo Exploitation Permit (the Loulo Permit). The Loulo Permit was most recently amended on June 21, 2012. It covers the Gara and Yalea underground mineral reserves and the Baboto, Gara West and Loulo 3 open pit mineral reserves. The Loulo Permit remains in force for a period of 30 years from 2012, after which it is renewable if production is still taking place.
The Loulo-Gounkoto Complex include open pits at Gounkoto, Yalea South, Gara West, and Baboto. Under the current life-of-mine plan, mining at Loulo 3 open pit is expected to commence in 2027 and at Faraba open pit in 2029. Additionally, the Yalea, Gara and Gounkoto underground mines are accessed via portals located in the open pits and a box cut. The mining method for the underground mines consists of long hole stoping with paste fill. Development of Gounkoto underground commenced in 2020 with the mining of the crown pillar under the North Pit occurring from the second quarter of 2023, adding high-grade ounces to production up until the end of 2025. However, as described in Royalties and Taxes below, the Company temporarily suspended operations at the Loulo-Gounkoto Complex on January 14, 2025, as a result of the ongoing Mining Conventions dispute with the Government of Mali.
Reko Diq Project
The Reko Diq Project (Reko Diq) is situated in the north-west corner of the Balochistan Province of Pakistan, which borders Iran to the west, Afghanistan to the north, the Punjab and Sindh Provinces of Pakistan to the east, and the Arabian Sea to the south. In 2024, Barrick completed an update of Reko Diq’s 2010 feasibility and 2011 feasibility expansion studies. Once complete, Reko Diq will comprise two open pit mines and a processing plant, together with other associated mine operation and regional infrastructure. Mining is planned to occur in two phase (Phase 1 and Phase 2). Reko Diq will produce copper concentrate which includes gold for smelting as a by-product by third-party operated smelters. Concentrate will be delivered by the existing rail network route (for which upgrades to meet project requirements will be required) from the mine to Port Qasim for export to international markets.
The surface rights secured for Reko Diq cover approximately 643 square kilometers and are sufficient to allow for the development and operation of both phases of the project, including mining-related infrastructure such as the open pits, process plant, workshops, offices, tailings storage facility, and waste rock storage facilities. In 2024, RDMC submitted an application to amend one of its mining leases to accommodate the optimized design of the tailings storage facility. The amended mining lease is expected to be issued sufficiently in advance of operational requirements.
Reko Diq will comprise two open pit mines: the main open pit at Western Porphyries; and a satellite pit at Tanjeel. Mining will be carried out year-round, 24 hours per day using conventional drill, blast, load and haul methods. The initial construction phase is anticipated to take approximately four years. Mining of the Western Porphyries is planned to start in 2027 with mill feed expected in 2028. The mining will ramp up to provide the Phase 1 mill capacity of 45 million tonnes per annum by 2030. Phase 2 ramp up is scheduled to start in 2033, reaching the Phase 2 capacity of 90 million tonnes per annum in 2035. Mill feed material from Tanjeel will start in 2038. Reko Diq is estimated to produce a total of 13.1 million tonnes of copper and 17.9 million ounces of gold (100% basis).
Lumwana
The Lumwana Mine (Lumwana) is an operating open-pit copper mine with two open pits, Chimiwungo and Malundwe, a conventional sulphide flotation processing plant, and associated site infrastructure. Lumwana is located in the North-Western Province of Zambia, approximately 60 kilometers west of the provincial capital of Solwezi and 400 kilometers northwest of Lusaka.
In Zambia, mining rights and surface rights are distinct concepts administered under separate legal frameworks. Lumwana is covered by six large-scale mining licenses with a total area of 1,192 square kilometers, granted under the Mines Act of Zambia Act No.11 of 2015 to Lumwana Mining Company Limited (LMC), which provide for the mining of copper, cobalt, gold, silver, uranium, and sulphur (the Mining Licenses). In 2005, LMC was granted the right to exercise its mining rights within the Mining Licenses. The Mining Licenses also permit exploration and mineral processing without the requirement to apply for separate exploration or mineral processing licenses. All of Lumwana’s Mining Licenses are valid until 2029, and are in good standing.
In 2009, LMC secured the surface rights to an additional area of land measuring 35,000 hectares for a period of 99 years (or until 2108) (the Surface Rights). LMC owns the Surface Rights in the form of a 99-year lease covering the current operations and a majority of the planned infrastructure of the Lumwana Super Pit Expansion Project (the Super Pit Expansion Project), including the proposed TSF and expanded processing plant, as well as the Chimiwungo, Malundwe and Kababisa open pits.
The Kamisengo Inflow Control Dam and the Kamisengo open pit are situated in an area which is within the Acres National Forest 105 (the National Forest) and will require either degazetting or obtaining permission and a license to operate in this 8,000 hectare area of the National Forest. LMC’s current surface rights area includes 28,500 hectares of the National Forest that was previously degazetted by the President of Zambia in 2009, and as such, subject to obtaining the necessary permission and a license, LMC does not anticipate any barriers preventing the development of the aforementioned infrastructure.
The Lumwana processing plant has been operational since 2009, and consists of two primary crushing facilities, one at Malundwe and one at Chimiwungo, each delivering crushed ore via overland conveyors to a single crushed ore stockpile. Primary crushed ore is drawn from the stockpile and fed to a SAG-ball grinding circuit.
History
The company was founded in 1983. The company was formerly known as Barrick Gold Corporation and changed its name to Barrick Mining Corporation in May 2025.
