Mineral Reserves and Mineral Resources

Transcription

1 Barrick Financial Report 2011 Mineral Reserves and Mineral Resources Mineral Reserves and Mineral Resources The tables on the next seven pages set forth Barrick s interest in the total proven and probable gold and copper reserves and in the total measured and indicated gold, copper and nickel resources and certain related information at each property. For further details of proven and probable mineral reserves and measured, indicated and inferred mineral resources by category, metal and property, see pages 182 to 188. The Company has carefully prepared and verified the mineral reserve and mineral resource figures and believes that its method of estimating mineral reserves has been verified by mining experience. These figures are estimates, however, and no assurance can be given that the indicated quantities of metal will be produced. Metal price fluctuations may render mineral reserves containing relatively lower grades of mineralization uneconomic. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of ore bodies or the processing of new or different ore grades, could affect the Company s profitability in any particular accounting period. Definitions A mineral resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are subdivided, in order of increasing geological confidence, into inferred, indicated and measured categories. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable explo ration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified. 181

2 Mineral Reserves and Mineral Resources Summary Gold Mineral Reserves and Mineral Resources 1,2,3 For the years ended December Tons Grade Ounces Tons Grade Ounces Based on attributable ounces (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) Goldstrike Open Pit (proven and probable) 97, ,342 95, ,656 (mineral resource) 4, , Goldstrike Underground (proven and probable) 11, ,035 10, ,958 (mineral resource) 6, ,828 6, ,020 Goldstrike Property Total (proven and probable) 109, , , ,614 (mineral resource) 10, ,975 11, ,193 Pueblo Viejo (60.00%) (proven and probable) 188, , , ,195 (mineral resource) 120, ,597 96, ,675 Cortez (proven and probable) 306, , , ,494 (mineral resource) 54, ,757 60, ,320 Red Hill Goldrush (proven and probable) (mineral resource) 11, ,273 Bald Mountain (proven and probable) 307, , , ,748 (mineral resource) 123, , , ,680 Turquoise Ridge (75.00%) (proven and probable) 11, ,294 9, ,224 (mineral resource) 62, ,641 64, ,415 Round Mountain (50.00%) (proven and probable) 82, ,411 73, ,319 (mineral resource) 83, ,338 50, ,107 South Arturo (60.00%) (proven and probable) 28, ,398 27, ,391 (mineral resource) 21, , Ruby Hill (proven and probable) 16, , ,122 (mineral resource) 107, ,245 61, ,390 Hemlo (proven and probable) 16, ,139 18, ,362 (mineral resource) 4, , Marigold Mine (33.33%) (proven and probable) 77, ,194 47, (mineral resource) 10, , Golden Sunlight (proven and probable) 8, , (mineral resource) , Donlin Gold (50.00%) (proven and probable) (mineral resource) 298, , , ,357 Cerro Casale (75.00%) (proven and probable) 990, ,434 1,002, ,377 (mineral resource) 245, , , ,376 Pascua-Lama (proven and probable) 424, , , ,845 (mineral resource) 269, , , ,260 Veladero (proven and probable) 481, , , ,291 (mineral resource) 44, , Lagunas Norte (proven and probable) 214, , , ,618 (mineral resource) 35, , Pierina (proven and probable) 67, , (mineral resource) 10, , See accompanying footnote #1. 3. Measured plus indicated resources. 182

3 Barrick Financial Report 2011 Mineral Reserves and Mineral Resources Summary Gold Mineral Reserves and Mineral Resources 1,2,3 For the years ended December Tons Grade Ounces Tons Grade Ounces Based on attributable ounces (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) Australia Pacific Porgera (95.00%) (proven and probable) 75, ,366 83, ,432 (mineral resource) 27, ,933 19, ,449 Kalgoorlie (50.00%) (proven and probable) 108, ,394 70, ,780 (mineral resource) 23, , ,152 Cowal (proven and probable) 65, ,209 71, ,478 (mineral resource) 37, ,187 47, ,503 Plutonic (proven and probable) 2, , (mineral resource) 2, , Kanowna Belle (proven and probable) 5, , ,086 (mineral resource) 6, , Darlot (proven and probable) 2, , (mineral resource) 1, , Granny Smith (proven and probable) 4, , (mineral resource) 2, , Lawlers (proven and probable) 1, , (mineral resource) , Reko Diq (37.50%) 4 (proven and probable) (mineral resource) 1,232, ,506 1,232, ,506 Bulyanhulu (73.90%) (proven and probable) 22, ,857 23, ,147 (mineral resource) 14, ,230 9, ,128 North Mara (73.90%) (proven and probable) 28, ,575 22, ,096 (mineral resource) 13, ,064 15, ,355 Buzwagi (73.90%) (proven and probable) 50, ,154 45, ,137 (mineral resource) 28, , Nyanzaga (73.90%) (proven and probable) (mineral resource) 60, ,572 Tulawaka (51.73%) (proven and probable) (mineral resource) Other (proven and probable) (mineral resource) Total (proven and probable) 3,701, ,931 3,557, ,786 (mineral resource) 2,966, ,399 2,812, , See accompanying footnote #1. 3. Measured plus indicated resources. 4. See accompanying footnote #2. 183

4 Mineral Reserves and Mineral Resources Gold Mineral Reserves 1 As at December 31, 2011 Proven Probable Total Contained Contained Contained Tons Grade ounces Tons Grade ounces Tons Grade ounces Based on attributable ounces (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) Goldstrike Open Pit 58, ,427 38, ,915 97, ,342 Goldstrike Underground 4, ,344 7, ,691 11, ,035 Goldstrike Property Total 62, ,771 46, , , ,377 Pueblo Viejo (60.00%) 23, , , , , ,173 Cortez 30, , , , , ,488 Bald Mountain 86, , , , , ,102 Turquoise Ridge (75.00%) 5, ,222 6, ,072 11, ,294 Round Mountain (50.00%) 27, , , ,411 South Arturo (60.00%) 28, ,398 28, ,398 Ruby Hill , , Hemlo 3, , , ,139 Marigold Mine (33.33%) 13, , , ,194 Golden Sunlight 2, , , Cerro Casale (75.00%) 189, , , , , ,434 Pascua-Lama 43, , , , , ,861 Veladero 36, , , , ,558 Lagunas Norte 17, , , , ,151 Pierina 6, , , Australia Pacific Porgera (95.00%) 18, ,138 57, ,228 75, ,366 Kalgoorlie (50.00%) 67, ,047 41, , , ,394 Cowal 14, , ,856 65, ,209 Plutonic 1, , , Kanowna Belle 3, , , Darlot 1, , , Granny Smith 1, , , Lawlers , Henty Bulyanhulu (73.90%) 1, , ,542 22, ,857 North Mara (73.90%) 9, , ,814 28, ,575 Buzwagi (73.90%) 4, , ,025 50, ,154 Tulawaka (51.73%) Other Total 674, ,602 3,026, ,329 3,701, ,931 Copper Mineral Reserves 1 As at December 31, 2011 Proven Probable Total Contained Contained Contained Tons Grade lbs Tons Grade lbs Tons Grade lbs Based on attributable pounds (000s) (%) (millions) (000s) (%) (millions) (000s) (%) (millions) Zaldívar 425, , , , , ,602 Lumwana 147, , , , , ,909 Jabal Sayid 16, , , ,182 Total 589, , , ,738 1,133, , See accompanying footnote #1. 184

5 Barrick Financial Report 2011 Mineral Reserves and Mineral Resources Gold Mineral Resources 1,2 As at December 31, 2011 Measured (M) Indicated (I) (M) + (I) Inferred Tons Grade ounces Tons Grade ounces ounces Tons Grade ounces Based on attributable ounces (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) (000s) (000s) (oz/ton) (000s) Goldstrike Open Pit , Goldstrike Underground , ,492 1,828 2, Goldstrike Property Total 1, , ,611 1,975 3, Pueblo Viejo (60.00%) 2, , ,454 6,597 14, Cortez 3, , ,636 3,757 21, ,615 Red Hill Goldrush 11, ,273 1,273 41, ,748 Bald Mountain 34, , ,143 1,623 72, Turquoise Ridge (75.00%) 7, ,024 54, ,617 7,641 25, ,303 Round Mountain (50.00%) 17, , ,338 38, South Arturo (60.00%) 21, , Ruby Hill 1, , ,213 2,245 5, Hemlo 2, , , Marigold Mine (33.33%) , , Golden Sunlight , Donlin Gold (50.00%) 4, , ,190 19,503 50, ,997 Cerro Casale (75.00%) 19, , ,330 2, , ,513 Pascua-Lama 23, , ,012 6,734 35, ,215 Veladero 3, , , Lagunas Norte , , Pierina , , Australia Pacific Porgera (95.00%) 9, , ,209 1,933 22, ,936 Kalgoorlie (50.00%) 6, , Cowal 37, ,187 1,187 12, Plutonic , , ,183 Kanowna Belle 2, , , Darlot , Granny Smith , , ,261 Lawlers Reko Diq (37.50%) 3 718, , , ,040 9,506 1,192, ,399 Bulyanhulu (73.90%) 14, ,230 2,230 6, ,372 North Mara (73.90%) 2, , ,064 1, Buzwagi (73.90%) , , Nyanzaga (73.90%) 60, ,572 2,572 7, Tulawaka (51.73%) Other Total 864, ,194 2,102, ,205 80,399 2,102, ,183 Copper Mineral Resources 1,2 As at December 31, 2011 Measured (M) Indicated (I) (M) + (I) Inferred Tons Grade lbs Tons Grade lbs lbs Tons Grade lbs Based on attributable pounds (000s) (%) (millions) (000s) (%) (millions) (millions) (000s) (%) (millions) Zaldívar 78, , ,225 40, Lumwana 4, , ,015 2, , ,660 Jabal Sayid 1, , , Reko Diq (37.50%) 3 718, , , ,034 11,731 1,192, ,393 Total 803, , , ,769 15,288 2,134, , See accompanying footnote #1. 3. See accompanying footnote #2. 185

6 Mineral Reserves and Mineral Resources Contained Silver Within Reported Gold Reserves 1 For the year ended In proven In probable December 31, 2011 gold reserves gold reserves Total Contained Contained Contained Process Tons Grade ounces Tons Grade ounces Tons Grade ounces recovery Based on attributable ounces (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) % Pueblo Viejo (60.00%) 23, , , , , , % Cerro Casale (75.00%) 189, , , , , , % Pascua-Lama 43, , , , , , % Lagunas Norte 17, , , , , , % Veladero 26, , , , , , % Pierina 6, ,945 61, ,319 67, , % Bulyanhulu (73.90%) 1, , ,079 22, , % Total 308, ,595 2,070, ,920 2,379, ,067, % 1. Silver is accounted for as a by-product credit against reported or projected gold production costs. Contained Copper Within Reported Gold Reserves 1 For the year ended In proven In probable December 31, 2011 gold reserves gold reserves Total Contained Contained Contained Process Tons Grade lbs Tons Grade lbs Tons Grade lbs recovery Based on attributable pounds (000s) (%) (millions) (000s) (%) (millions) (000s) (%) (millions) % Pueblo Viejo (60.00%) 23, , , % Cerro Casale (75.00%) 189, , , , , % Pascua-Lama 43, , , % Bulyanhulu (73.90%) 1, , , % Buzwagi (73.90%) 4, , , % Total 262, ,413, , ,675, , % 1. Copper is accounted for as a by-product credit against reported or projected gold production costs. 186

7 Barrick Financial Report 2011 Mineral Reserves and Mineral Resources Contained Silver Within Reported Gold Resources 1 For the year ended December 31, 2011 Measured (M) Indicated (I) (M) + (I) Inferred Tons Grade ounces Tons Grade ounces ounces Tons Grade ounces Based on attributable ounces (000s) (oz/ton) (000s) (000s) (oz/ton) (000s) (000s) (000s) (oz/ton) (000s) Pueblo Viejo (60.00%) 2, , ,723 36,562 14, ,572 Cerro Casale (75.00%) 19, , ,257 7, , ,594 Pascua-Lama 23, , , , ,167 35, ,055 Lagunas Norte , ,778 1,828 7, Veladero 3, , ,049 14,663 74, ,523 Pierina , ,820 1,948 9, ,928 Bulyanhulu (73.90%) 14, ,829 1,829 6, ,949 Total 50, , , , , , ,018 Contained Copper Within Reported Gold Resources 1 For the year ended December 31, 2011 In measured (M) In indicated (I) gold resources gold resources (M) + (I) Inferred Tons Grade lbs Tons Grade lbs lbs Tons Grade lbs Based on attributable pounds (000s) (%) (millions) (000s) (%) (millions) (millions) (000s) (%) (millions) Pueblo Viejo (60.00%) 2, , , Cerro Casale (75.00%) 19, , , ,580.1 Pascua-Lama 23, , , Buzwagi (73.90%) , , Total 45, , , , , ,651.7 Nickel Mineral Resources 1 For the year ended December 31, 2011 Measured (M) Indicated (I) (M) + (I) Inferred Tons Grade lbs Tons Grade lbs lbs Tons Grade lbs Based on attributable pounds (000s) (%) (millions) (000s) (%) (millions) (millions) (000s) (%) (millions) Kabanga (50.00%) 7, , , ,

8 Mineral Reserves and Mineral Resources Mineral Reserves and Resources Notes 1. Mineral reserves ( reserves ) and mineral resources ( resources ) have been calculated as at December 31, 2011 in accordance with National Instrument as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7, (under the Securities and Exchange Act of 1934), as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, approximately 2.15 million ounces of reserves at Pueblo Viejo (Barrick s 60% interest) is classified as mineralized material. In addition, while the terms measured, indicated and inferred mineral resources are required pursuant to National Instrument , the U.S. Securities and Exchange Commission does not recognize such terms. Canadian standards differ significantly from the requirements of the U.S. Securities and Exchange Commission, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission. U.S. investors should understand that inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick s mineral resources constitute or will be converted into reserves. Calculations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Rick Sims, Senior Director, Resources and Reserves of Barrick, Chris Woodall, Senior Director, Mining of Barrick and John Lindsay, Senior Director Metallurgy, of Barrick. Except as noted below, reserves have been calculated using an assumed long-term average gold price of $US 1,200 ($Aus.1,330) per ounce, a silver price of $US per ounce, a copper price of $US 2.75 per pound and exchange rates of 1.0 $Can/$US and 0.90 $US/$Aus. Reserves at Plutonic have been calculated using an assumed long-term average gold price of $US 1,250. Reserve calculations incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick s normal data verification procedures have been employed in connection with the calculations. Resources as at December 31, 2011 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property. For a breakdown of reserves and resources by category and for a more detailed description of the key assumptions, parameters and methods used in calculating Barrick s reserves and resources, see Barrick s most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. 2. In November 2011, the Government of the Province of Balochistan rejected the application for a mining lease in respect of the Reko Diq project. Tethyan Copper Company ( TCC ) has commenced international arbitration proceedings asserting, among other things, that its local operating subsidiary is legally entitled to the mining lease subject only to routine government requirements. For additional information regarding this matter, see pages 44 and 178 to 179 of this Annual Report