Construction of Reko Diq is scheduled to start in 2025, targeting first production in 2028, and Lumwana's expansion is scheduled on the same timetable.
Reko Diq will rank among the world's top 10 copper producers when it reaches full production, while the expanded Lumwana mine is forecast to produce at an annual production rate of 240,000 tonnes of contained copper.
Barrick also announced that it has replaced 125% of its depleted reserves (exclusive of divestments and acquisitions on a gold equivalent basis) since the merger with Randgold Resources in 2019.
Barrick's financial performance for the quarter included a 35% increase in operating cash flows to more than $1 billion and a significant increase in free cash flow to $359 million. Net earnings per share increased 24% to $0.21 per share and adjusted net earnings per share6 rose 26% to $0.24 per share. The quarterly dividend was maintained at 10 cents per share.
Middle East ambitions
President and chief executive Mark Bristow said the Q3 performance was an improvement on the previous quarter's and Q4 is expected to be better.
"Growing the copper portfolio is one of our strategic priorities, and when these two mines are in full production, they will promote Barrick to the premier league of copper producers alongside its peerless gold portfolio. In the meantime, we're using our very successful Jabal Sayid copper mine in Saudi Arabia as a springboard for the discovery of new opportunities within the Kingdom and around the Red Sea to Egypt, where we believe the Arabian-Nubian Shield is poised to become a major new mining destination," Bristow said.
Earlier this year, the company credited plant and processing upgrades for keeping performance on track this year.
Major projects completed or underway include the completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo's expanded plant, said Barrick.
