Barrick Gold Corporation
Barrick Gold Corporation
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Barrick Gold is sticking to its full year production guidance after delivering March qtr (Q1FY2022) attributable production of 990,000oz gold and 101Mlb copper. Sales for the period were 993,000oz gold and 113Mlb copper.
Its Q1 performance is in line with Barrick’s forecasts that Q1 would see its lowest gold production of the year while copper output would grow in H2.
Barrick plans to release its full Q1 results on May 4.
Chilean-based copper leader Antofagasta will accept $US900M as the cost of withdrawing from its 50% stake in the Tethyan Copper JV with Barrick Gold over Pakistan’s Reko Diq copper-gold project.
Antofagasta’s exit is part of the in-principle agreement to end the standoff that has prevented development for more than a decade of a mine originally slated to produce 200,000tpa copper and 250,000ozpa gold.
Chilean copper giant Antofagasta will accept $US900M as compensation for its withdrawal from a multilateral agreement to end the 11-year-old lockdown of one of the world’s largest undeveloped copper-gold deposits, the Reko Diq project in Pakistan.
Pakistan’s massive Reko Diq project is set to be revived as a 50-50 JV between Barrick Gold and Pakistani stakeholders under an agreement to end the dispute that has halted development of one of the world’s largest undeveloped openpit copper-gold porphyry deposits since 2011.
The in-principle agreement will see Chilean-based copper giant Antofagasta, currently Barrick’s 50% JV partner, exit the project for about $US900M consideration.
Barrick Gold's Dec 2021 year (FY/CY 21) net earnings fall to $US2.02B from the previous year’s 2.3B, on the back of gold output down to 4.43Moz from 4.76Moz.
(REGULATION)
Mali’s international miners are alert for risks to their supply chains after the heads of 15 neighbouring West African nations closed their borders and imposed tough economic sanctions after its post-coup interim government announced a three-year delay in the restoration of democratic government.
International miners operating in Mali are closely watching events following the imposition of sanctions and borders by the Economic Community of West African States after the leaders of the 2020 military coup deferred their promised elections and return to civilian rule.
Barrick Gold has met its commitment to the Tanzanian government by completing an upgrade costing over $US65M to bring the tailings storage pond capacity at its North Mara gold mine back to its permitted design capacity and increasing the water treatment plant’s daily capacity to 40M litres from 2.5M litres.
The Canadian-based major made the commitment in late 2019 after taking control of the Tanzanian assets of former subsidiary Acacia Mining, part of a deal to end a crippling dispute with the state.
Mali miner Firefinch is fully funded to execute aggressive growth plans at its 80%-owned Morila gold mine after receiving firm commitments from existing and new investors to raise $A100M through the placement of 149.3M shares at 67cps, an 8% discount to its 10-day volume weighted average price.
Northern Star Resources completes a series of transactions that delivered it 100% ownership of the iconic Kalgoorlie Super Pit by exercising its option to acquire the regional power business owned by former mine manager Newmont Corporation. John Feary reports