Tuesday, 8th August 2006 (2844 views)

Despite the company's rapid recent expansion, Barrick Gold is refusing to sit on its laurels, according to senior officials at the company.

The Canadian gold giant, the largest global producer of the precious metal, has said it is not content with having toppled Newmont from the top of the tree of gold mining corporations and is looking for further acquisitions.

Barrick bought out Placer Dome earlier this year, which is how it established itself with the largest output of any company, but the firm's president of its Australian unit, Joc O'Rourke, said that there are "a couple of areas we'd like to be involved in and we are very interested in".

One of the targets Mr O'Rourke refers to is likely to be Vancouver-based rival NovaGold, which Barrick recently made a bid for.

In addition to this potential acquisition, Barrick has also made an agreement to buy fellow Vancouver exploration firm Pioneer Metals.

"Barrick [don't] see themselves as in a consolidation mode," Mr O'Rourke said, "they see themselves very much out in the market looking for opportunities. Certainly, there are still some good opportunities."

 

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