Friday, 31st March 2006 (3070 views)

With its recent purchase of Placer Dome now finalised, Barrick Gold has become the world's largest gold mining company.

Barrick's $10.1 billion buy-out of the world's sixth-biggest gold producer is one of several takeovers and acquisitions in the market recently as mining companies look to consolidate the fact that gold prices have hit new 25-year highs.

The Candian-based corporation also announced that construction of its Cowal mining project is almost complete, a venture that marks the fourth new mine Barrick has built in the past year.

Cowal, which is based in New South Wales, Australia, is expected to begin production in April and turn out between 220,000 and 235,000 ounces of gold per year.

Greg Wilkins, the company president and chief executive, announced the overall output expected by Barrick in 2006 as approximately 8.9 million ounces of gold and about 350 million pounds of copper.

The company's vision "is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner," it said.

 

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