HomeGoldBarrick aims at 8.1 million oz

Barrick aims at 8.1 million oz

The process plant at
North Mara Gold
Mine in Tanzania
Singapore — MININGREVIEW.COM — 10 April, 2008 – Canada’s Barrick Gold Corporation – the world’s biggest gold miner – says it is confident that it will meet its 2008 gold output target of up to 8.1 million ounces.

Barrick – which has 27 operating mines in ten countries across four continents – produced 8.06 million ounces in 2007, and said it expects to produce 7.6 to 8.1 million oz of gold and 380 to 400 million lbs of copper this year.

Reporting from here, Reuters quotes Barrick executive vice president Alexander Davidson as saying “we have full confidence in meeting our guidance for 2008.” Interviewed by Reuters on the sidelines of a mining conference, he said: “We are very bullish on gold and we expect it to certainly stay above the US$900 level.”

Davidson revealed that Barrick hoped to grow through investments and acquisitions in Asia. “One of the reasons I’m here in Asia is to look at some of the projects that will be highlighted at this conference,” he added.

On March 27, Barrick signed a letter of intent to acquire 4.7 % of gold miner Allied Gold Ltd for A$15 million (R80 million), and to spend up to A$20 million R110 million) on a 70 percent stake in two of Allied’s undeveloped gold mines in Papua New Guinea.

In February, the company announced it would pay $1.7 billion (R9 billion) to buy out Rio Tinto’s 40% stake in their Cortez joint venture in Nevada, acquiring ownership of the potential million-ounce-a-year gold mining project.