Barrick Gold Corporation
Barrick Gold Corporation
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Global giant Barrick Gold has fallen short of gold production guidance for the year to Dec 2022 despite achieving its best result for the year in the Dec qtr.
Barrick's FY2022 production of 4.14Moz gold was down from 4.43Moz in the previous term and about 1% short of its 4.2Moz forecast. Copper production was 440Mlb, up from 415Mlb and within its 420-470Mlb guidance.
The Canadian-based miner is targeting first production in 2028 from its Reko Diq copper-gold mine in Pakistan’s Balochistan province.
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Saudi Arabia’s majority government-owned mining company Ma’aden has unveiled three new initiatives using partnerships with international miners and the nation’s massive investment capacity to advance a new phase of domestic and international growth.
Global major Barrick Gold has further expanded its exploration footprint in Saudi Arabia, signing new exploration JV agreements with Middle East giant Ma’aden and signalling a broadening partnership between the two companies.
The new Jabal Sayid South and Umm Ad Damar licence areas also offer potential synergies with the neighbouring Jabal Sayid copper mine owned 50-50 by Barrick and Ma’aden.
Another setback for South American-focused Australian company Troy Resources ... with global major Barrick Gold withdrawing from its exploration JV over tenements close to the depleted Karouni gold mine in Guyana.
Barrick has terminated its 18-month-old, $US3M earn-in agreement, saying results at the Potaro and Apanachi areas do not warrant further exploration.
Mali's transitional government has signed into law the establishment of state-owned mining company Société de Recherche et d'Exploitation Minière du Mali, aiming to increase its resources sector revenue.
"The Malian state is going to enter the mining sector, there is space for everyone," mines ministry secretary-general Soussourou Dembelé told Reuters.
Sorem SA will be fully funded by the state to explore and develop mines, although no details have been released on the value or likely projects.
Australian-based miner Firefinch has given up on efforts to recapitalise its 80%-owned Morila gold mine in Mali, almost certainly sending the mine once known as “Morila the Gorilla” into insolvency.
Firefinch acquired the mothballed project from past owners Barrick Gold and AngloGold Ashanti for $US28.87M just two years ago and began retreating tailings while planning to restart its giant openpit mine.
Increased June qtr (Q2) production and continuing expectations of increased output through the second half of the year have kept global major Barrick Gold on track for its FY2022 guidance of 4.2-4.6Moz gold and 420-470Mlb copper.
The Supreme Court in Santiago has confirmed the definitive closure of Barrick Gold's controversial $US8.5B Pascua Lama gold and copper development on the border between Chile and Argentina, Reuters reported.
The Atacama region project has been closed since 2018 on the orders of the country's environmental regulator following lengthy legal action over allegations of damage to native flora and fauna as well as local waterways.
The ‘perfect storm’ of events that have dragged the performance of its Morila Super Pit have left new miner Firefinch relying on increased resource and reserve estimates and a new mine plan to restore its fortunes.
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.