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Friday, 15th April 2005 (4371 views)

Barrick Gold has announced it plans to get up to a fifth of its output from Russia and Central Asia by 2010.<br/><br/>The move by the Canadian miner is to reduce costs, according to Bloomberg.<br/><br/>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.<br/><br/>At present Barrick doesn't produce gold in Russia.<br/><br/>"There are significant opportunities here and the supply and demand fundamentals of gold are favourable,' Mr Wilkins said, speaking in Moscow.<br/><br/>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.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8278748"/>

 

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