Barrick unveils 10-year plan to become the world’s most valuable gold miner

Barrick Gold Corporation, the world’s second-largest gold miner, announced this week a 10-year production plan aimed at creating the world’s most valuable gold company.

Barrick proposed this strategy in his first annual report after merging with Randgold Resources, including increasing the company’s gold production to about 5 million ounces per year, most of which comes from its North American operations.

Barrick President and CEO Mark Bristol stated that Nevada Gold Mines, a joint venture between Barrick and Newmont, will be the value basis for the company’s future development.

“The project is already the largest gold mining complex in the world, with huge growth potential,” he said.

Over the past year, Barrick has focused on primary assets and has reported strong performance across all assets, especially the Cortez mine in Nevada and the Veladero mine in Argentina.

Barrick also increased the output of Kibali, Congo’s largest gold mine, which last year’s output far exceeded its expectations of 750,000 ounces, setting a new record of 814,027 ounces.

According to Bristol, the company’s Porgera gold mine in Papua New Guinea has the potential for first-class assets but faces many challenges, including historical issues and an uncontrollable surrounding environment. He added that the mine’s output has exceeded expectations and that Barrick is still negotiating with the government to extend the lease by 20 years.

The executive, who took office in January 2019, said that the work done in the past year has made Barrick ready for a new step.

Bristol further pointed out that Barrick’s definition of value is broader, including factors such as economic benefits, care for people, communities and the environment, strategic focus on long-term sustainability, and returns to investors.