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Monday, 7th August 2006 (5094 views)

The president of the Australia Pacific region for Barrick Gold has claimed that trading prices for gold will remain strong for the short to medium term.

According to The Age newspaper, Barrick's Joc O'Rourke told reporters at the Diggers and Dealers conference in Kalgoorlie, Western Australia that the price would stabilise and strengthen in the near future.

"Our general belief is that the gold price will continue to be strong," he said, noting that the company has recently been scaling down its hedged holdings of gold - as clear an indication yet that Mr O'Rourke's company is confident of gold prices going up.

Barrick is the world's most productive gold mining company and the largest Down Under.

It has interests in several properties across the country and is currently looking to expand on its recent acquisition of Placer Dome with a takeover of another rival company, NovaGold.

Mr O'Rourke also said that the company was on target to meet its predicted gold output of between 8.6 million and 8.9 million ounces of gold this year.

 

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