Barrick Continues Shift to Copper as Mine Advances

Barrick Gold Corporation announced that the Reko Diq joint venture had approved the project's updated feasibility study as well as the budget to advance the major works this year.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced that the Reko Diq joint venture had approved the project's updated feasibility study as well as the budget to advance the major works this year. First production is expected by the end of 2028. This massive project, in which Barrick holds 50% and which it derisked by bringing in regional partners, will significantly boost the share of copper production in Barrick's profile. Barrick is investing $6 billion in the project.

The company has not acquired or built anything new in gold for some time — though there are some development projects in Nevada — and its gold production is now at its lowest in 25 years. Many of its major mines are aging or in troublesome jurisdictions, including Mali, where its mines are shut pending a new agreement with the military junta. In line with this, Barrick is proposing changing its name from Barrick Gold to Barrick Mining; the name change will be voted on at next month's annual meeting. It has not indicated that it will change its New York stock symbol of GOLD.

 Courtesy: www.streetwisereports.com

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