Thursday, 23rd February 2006 (3008 views)

The world's largest gold miner, Barrick Gold, has hinted it has an appetite for further acquisitions just weeks after buying rival Placer Dome.

Speaking to Reuters, Barrick chief executive Greg Wilkins admitted that the Placer integration would be complicated but insisted that the company may dip into its funds again soon.

"We don't feel like we are out of the game while we do this integration," he said.

Barrick expects to generate $200 million in savings through the merger, with both outfits holding gold properties in Nevada, Australia and Tanzania.

The union catapults Barrick ahead of Newmont and AngloGold Ashanti as the world's largest gold mining outfit, with an expected gold production of between 8.6 and 8.9 million ounces in 2006.

That leaves US-based top gun Newmont – which expects gold sales to fall from 6.5 million to 6.25 million - trailing in its wake.

South Africa-based AngloGold expects gold production of between 5.8 million and 6.1 million this year.

Barrick saw net profits rise 12 per cent year-on-year in the fourth quarter to $175 million on the back of climbing gold prices.

 

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