Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2012resource reserve update● Neutral
Barrick filed an independent technical report, dated March 16, 2012, on the Zaldívar copper mine in northern Chile, which is run by a company 100% owned by Barrick. At December 31, 2011, proven and probable reserves are 578 million tonnes at 0.518% copper (6.602 billion pounds of contained copper), with mining planned from 2012 to 2028. Measured and indicated resources, excluding reserves, are 124.8 million tonnes at 0.445% copper, with a further 37 million tonnes inferred. It is another in the batch of mine reports filed the same day.
Barrick filed an independent technical report, dated March 16, 2012, on the Lagunas Norte gold mine in Peru, which is wholly owned through its subsidiary Minera Barrick Misquichilca. Proven and probable reserves at December 31, 2011 are 194.5 million tonnes at 0.98 g/t gold, containing 6.15 million ounces of gold and 23.9 million ounces of silver. Mining is scheduled to run for about eight more years, with operations ending in 2021. A 2.51% royalty is paid to the Peruvian state company Activos Mineros.
Barrick filed an independent technical report, dated March 16, 2012, on the Porgera mine in Papua New Guinea. Barrick operates it and holds 95% through a subsidiary, with Mineral Resources Enga Limited holding 5%. The mine produced about 526,000 ounces of gold in 2011 on a 100% basis. Measured and indicated resources (excluding reserves) are 2.03 million ounces of gold, and inferred resources are 3.09 million ounces, all stated on a 100% basis rather than Barrick's 95% share.
Barrick filed an independent technical report, dated March 16, 2012, on the Pueblo Viejo project in the Dominican Republic, supporting its resource and reserve figures as of December 31, 2011. Barrick controls 60% and Goldcorp holds 40%. The report describes a 24,000 tonne-per-day mining and processing facility with two open pits (Moore and Monte Negro), an 18-year mine life and a forecast 36-year processing life because lower-grade ore is stockpiled. The visible text gives no reserve totals.
Barrick filed an independent technical report, dated March 16, 2012, on the Cortez operations in Nevada, which support its resource and reserve figures as of December 31, 2011. Cortez is a joint venture between two wholly owned Barrick subsidiaries, Barrick Cortez Inc. (60%) and Barrick Gold Finance Inc. (40%), so Barrick owns all of it. The visible text gives no resource or reserve totals. It is one of several Nevada and international mine reports filed the same day, like the Goldstrike report.
Barrick filed an independent technical report on its Goldstrike mine in Nevada, prepared for Barrick and Franco-Nevada. The open pit plan is 47.6 million tons of ore at 0.108 oz/ton from 2012 to 2025. Underground reserves of 11.9 million tons at 0.255 oz/ton are projected to sustain operations until 2020. Measured and indicated resources, excluding reserves, total about 1.975 million ounces of gold.
Barrick filed an independent technical report on the Lumwana copper mine in Zambia, the mine gained in the Equinox acquisition. As of December 31, 2011, it reports 426.34 million tonnes of reserves at 0.52% copper (about 4.9 billion pounds of contained copper). The current plan mines 412 million tonnes of ore from 2012 to 2032 at a 68,000 tonne-per-day facility.
Barrick filed a technical report on its Pascua-Lama project on the Chile-Argentina border, dated March 31, 2011. It states expected pre-production capital of $3.3-$3.6 billion, first production in the first half of 2013, and average annual gold output of 750-800,000 ounces over the first five full years at total cash costs of $20-$50 per ounce. These figures rest on stated price assumptions of $1,100 gold, $16 silver and $85 oil.
