Bullion major Barrick Gold’s portfolio of gold and copper assets is projected to show strong growth over the next five to ten years, president and CEO Mark Bristow said at an investor meeting in New York on Friday.
The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalisation of the location for the new tailings storage facility, would support that growth, he said.
The latest geological model for the $2.1-billion expansion project is showing the potential for upgrading two-million ounces of inferred resources to indicated which, together with about 10-million ounces of measured and indicated resources, are expected to convert to proven and probable reserves.
This investment is expected to extend the tier-one mine’s life to beyond 2040, at an average production rate of more than 800 000 oz/y. “Others buy, Barrick builds,” Bristow said.
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