01:13 PM EDT, 09/17/2024 (MT Newswires) -- Barrick Gold ( GOLD ) expects a 30% rise in production by the end of the decade from its current mines and projects, chief executive Mark Bristow said.

In a release based on a speech to a gold conference, Bristow said the company expects gold-equivalent ounces to rise by nearly a third from its existing mines and new projects like the Reko Diq copper and gold project in Pakistan and the newly opened Goldrush mine in Nevada, where production is expected to reach 400,000 ounces per year by 2028, and the adjacent Fourmile project.

"We have six Tier One gold mines with more in the making and our long-term plans are based on quality orebodies with industry-leading grades that drive improving cost profiles. Alongside our peerless gold portfolio, we are also building a substantial copper business, both to feed the rising demand for this strategic metal and because it enhances our growth optionality to include copper-gold porphyries," Bristow said.

Barrick shares were last seen down $0.10 to $27.78 on the Toronto Stock Exchange.

Price: 27.78, Change: -0.10, Percent Change: -0.36