Barrick Gold corporation GOLD is expanding its operations in Latin America amid a surge in demand that saw gold rise to $2,300 an ounce for the first time in history. The world's leading gold miner is eyeing the southern district of Puno, Peru, where it carried out exploration activities two years ago.
As reported by Management, local newspaper, Barrick submitted a concession request for 400 hectares in the region where it already has a presence with the Pataqueña vein. His other Peruvian interests include the Libélula project and a recent agreement with Hali Gold corporation CGDXF with respect to Three Marias Gold and silver property.
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Barrick's successful 2023 year, marked by an increase in gold reserves to 77 million ounces and a remarkable 112% replacement rate for annual gold equivalent production, demonstrated its competence in managing depleted reserves. Since 2019, Barrick organically added 29 million ounces of attributable reserves, demonstrating sustained growth in its resource base.
The timing of Barrick's expansion efforts coincided with a historic surge in gold prices, with the price of the yellow metal up about 11% so far this year. This rally was the result of various geopolitical uncertainties that led investors to seek safe havens and expectations of interest rate cuts by the Federal Reserve.
Looking ahead to 2024, Barrick remains focused on maximizing the potential of its assets, both in Latin America and globally. In addition to its efforts in Peru, the company prioritized projects in Nevada, where it operates three tier one gold mines. Despite delays in permitting and commissioning, Barrick management is working on promising projects in every major mining jurisdiction around the world, demonstrating that the company's human resources are its vital assets.
“Barrick's focus on world-class assets and the results they are producing clearly show that its management is at the forefront of industry leadership. Through continued investment in human capital, Barrick is recruiting and developing its next generation of high performers,” said President John Thorton in the last annual report.
CEO Mark Bristow anticipated significant developments in the coming year, including the acceleration of projects such as Goldrush in Nevada and the expansion of Pueblo Viejo in the Dominican Republic. Additionally, Barrick's strategic investments in copper, particularly Super Well expansion project in Zambia and the Reko Diq project in Pakistan, will position the company to become a world-class copper producer.
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