Barrick Gold Targets Significant Output Boost by 2030

SEATTLE (Scrap Monster): Barrick Gold Corporation targets 30% increase in production by the end of the current decade, driven by growth options embedded in its asset portfolio. This was disclosed by Mark Bristow, President and Chief Executive while addressing the 2023 Gold Forum Americas conference.

According to him, the transition to clean energy is seen creating an unprecedented demand for metals and minerals. The M&A activity in the sector is being driven by the market demand for instant gratification, which may not be always conducive for investments in sustainable projects. However, these growth projects are vital, he added.

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The company owns and operates six of the world’s Tier-1 gold mines. These assets are likely to see huge expansion through ongoing reserve replacement. The company has been in constant pursuit for new world-class discoveries across prolific gold belts across the globe, Bristow said.

As part of the strategic decision in 2019 to grow its copper portfolio, the company has made significant investments. The Reko Diwq and Lumwana, upon full ramp up, are likely to emerge as two of the world’s top 20 copper mines in terms of production. The forecasts of possible copper shortage in future provides huge upside potential for the company, he added.