Wednesday, 31st January 2007 (2533 views)

Barrick Gold's head of exploration has said that the mining company will spend approximately $175 million (£89.8 million) on investigating potential gold-bearing sites.

Specifically, the world's largest gold producer will focus its attentions on areas that it has already previously developed including Papua New Guinea, Argentina, Tanzania, Peru, Chile and Nevada.

Although an actual figure designated for exploration work has not officially been released yet, Alex Davidson, Barrick's executive vice-president of exploration and corporate development told Reuters that it would be in the same area as last year's fund.

Emphasising Barrick's commitment to exploration, Mr Davidson said: "You can acquire ounces but ultimately it all comes back to exploration. Someone has to find the ounces."

Barrick is involved in exploration and development projects involving gold across four continents and its portfolio of mines comprises 26.

When Mr Davidson was asked why Barrick Gold had decided not to include Russia in the list of potential exploration sites, he remarked it was "a more difficult place to explore, politically".

 

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