Barrick Gold Shifts Focus to Copper Assets, Amidst Dip in Gold Output

SEATTLE (Scrap Monster): Leading miner, Baccick Gold Corporation, announced its strategy to shift focus to acquiring copper assets to boost its portfolio.

The world’s second-largest gold producer has reportedly expressed its interest in taking over the assets of copper miner First Quantum Minerals Ltd. However, the deal has not gone through.

RELATED NEWS:

Bsrrick on Hunt for New Mines, Not Deals, CEO Says

Barrick Gold Says Its on Track to Achieve 2023 Targets

The acquisition move comes in the midst of the company’s gold production dropping to multi-year lows. The gold production by the company had hit the lowest level since 2000. Moreover, the acquisition of Newcrest Mining by Newmont via a $19.5 billion deal is predicted to fire Barrick out of the race in terms of gold production. Mark Bristow, who has been keen on growing in copper for years, stated that the company intends to include copper in its portfolio alongside gold. To be relevant in mining, copper is critical, he added.

Barrick Gold had recently made huge investment in copper-gold project in Pakistan. The $7 billion Reko Diq copper mine is expected to start operations in 2028. Furthermore, it plans to expand existing copper mining operations in Zambia and look out for new copper deposits across the Middle East, Asia and African regions. Also, it is in talks with the Congolese government on potential exploration projects.