WEB Key Projects Advance as Barrick Keeps Tight Focus on Value Creation and Growth
Statement from President and Chief Executive Mark Bristow
WEB President and chief executive Mark Bristow said while steering the Company towards the achievement of its production and cost guidance for 2023, Barrick remained focused on value creation and disciplined growth through exploration, project development and accretive M&A.
Unlocking Value through Key Projects
Bristow highlighted the progress made on Barrick's key projects, including Pueblo Viejo in the Dominican Republic, Turquoise Ridge in Nevada, USA, and Jabal Sayid in Saudi Arabia. These projects are expected to significantly boost the company's production and lower its costs in the coming years.
Pueblo Viejo, a joint venture with Newmont Corporation, is undergoing a major expansion that will increase its gold production capacity by 25% by 2024. Turquoise Ridge is a new open-pit gold mine that is expected to start commercial production in 2023. Jabal Sayid, a copper-gold mine in Saudi Arabia, is also expected to start production in 2023.
Exploration and M&A Drive Growth
Bristow emphasized the importance of exploration and accretive mergers and acquisitions (M&A) in Barrick's long-term growth strategy. The company has been actively exploring for new gold and copper deposits, with a particular focus on brownfield exploration around its existing operations.
In terms of M&A, Barrick has made several strategic acquisitions in recent years, including the acquisition of Randgold Resources in 2018 and Acacia Mining in 2019. These acquisitions have significantly increased Barrick's gold production and geographic reach.
Comments