Monday, 21st May 2007 (2581 views)

Gold mining giant Barrick Gold has announced it is to expand operations to take advantage of what it feels is a "buoyant" gold market.

The Toronto-based producer is aiming to invest some $10 billion (£5 billion) in unnamed projects around the world, with eyes turning to its billion-dollar projects in Argentina and Chile.

According to Bloomberg, Joc O'Rourke, president of the company's Australia and Pacific region, explained at a conference on Monday in Perth, Australia: "In the coming years we expect to invest heavily in these projects, spending upwards of $10 billion to produce 50 Moz of undeveloped gold."

The plan will be financed by existing cash as well as a structured financing model, according to Mr O'Rourke.

He added that there are nine projects in advanced stages that will receive the funding, meaning the Buzwagi project in Tanzania and the Pueblo Viejo project in Dominican Republic join the Pascua-Lama project in Argentina and Peru as the most likely candidates.

 

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