Global Overview
Barrick’s operating mines are located in some of the world’s most prospective gold districts in North America, South America, Australia Pacific and Africa. 2008 full year production of 7.66 million ounces met original guidance. Total cash costs were $443 per ounce1 and net cash costs were $337 per ounce2. The Company produced 370 million pounds of copper at total cash costs of $1.19 per pound1.
As at December 31, 2008, the Company has proven and probable gold reserves of 138.5 million ounces, the largest in the industry, as well as 6.4 billion pounds of copper reserves and 1.09 billion ounces of silver contained within gold reserves3.
In 2009, Barrick is expected to produce 7.2 - 7.6 million ounces of gold at total cash costs of 450 - $475 per ounce1 or net cash costs of $360 - $385 per ounce2, applying credit for non-gold sales. The Company is expecting to produce 375 - 400 million pounds of copper at total cash costs of ~$1.25 per pound1. Gold production is expected to increase to 7.7 - 8.1 million ounces in 2010 with the start up of Cortez Hills, at expected lower cash costs than 2009.
2008 Production |
2008 Gold Reserves |
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1 Click here for more information regarding the calculation of total cash costs.
2 Click here for more information regarding the calculation of net cash costs. 3 Click here for more information regarding reserve and resource measurements.