Barrick Gold (TSX: ABX) (NYSE: GOLD), the world’s second largest gold miner, has unveiled a 10-year production plan aimed at becoming the most valued bullion company.
The strategy, outlined in its first annual report since its merger with Randgold Resources, includes boosting Barrick’s production to about 5 million ounces of gold a year, with the bulk coming from its North American operations.
President and chief executive officer, Mark Bristow, said Nevada Gold Mines — its recent joint venture with Newmont (NYSE: NEM) — would be the “value foundation” of its business moving forward.
“Already the world’s largest gold mining complex, it holds enormous potential for growth,” Bristow said.
Bristow warned the new guidance might be impacted if operations were disrupted due to efforts to slow the spread of the covid-19. He called the pandemic “a global disaster which is changing the way we work and live in a radically disruptive process with currently no clear end in sight.”
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