Friday, 15th April 2005 (2534 views)

Barrick Gold has announced it plans to get up to a fifth of its output from Russia and Central Asia by 2010.

The move by the Canadian miner is to reduce costs, according to Bloomberg.

Chief executive, Greg Wilkins, claimed that the firm hopes to be extracting between 15 and 20 per cent of its gold in the region by that date.

At present Barrick doesn't produce gold in Russia.

"There are significant opportunities here and the supply and demand fundamentals of gold are favourable,' Mr Wilkins said, speaking in Moscow.

The company is also looking to expand its ten per cent stake in Celtic Resources, a company based in Dublin that is looking to develop gold in areas such as Kazakhstan and in Yakutia, in northeastern Siberia.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.