Barrick Gold Corp
TICKER: ABX:US/TSX
Barrick is the world’s pre-eminent gold producer, with a portfolio of 27 operating mines, many advanced exploration and development projects located across five continents, and large land positions on the most prolific and prospective mineral trends. The Company also has the largest reserves in the industry, with 124.6 million ounces of proven and probable gold reserves, 6.2 billion pounds of copper reserves and 1.03 billion ounces of contained silver within gold reserves as at December 31, 2007.
In 2007, Barrick produced 8.06 million ounces of gold at a cash cost of $345 per ounce. In addition, the Company produced 402 million pounds of copper at a total cash cost of $0.83 per pound. For 2008, Barrick is targeting gold production of 7.6-8.1 million ounces and copper production of approximately 380-400 million pounds. Total cash costs are expected to be $425-$445 per ounce of gold and $1.15-$1.25 per pound of copper.
The Company has a successful track record of mine development, having completed the construction of the Tulawaka, Lagunas Norte and Veladero mines in 2005, the Cowal mine in early 2006, and the re-opening of the Ruby Hill mine in early 2007. Barrick has been progressing a new generation of projects that advanced significantly in 2008: Buzwagi in Tanzania, Cortez Hills in Nevada and Pueblo Viejo in the Dominican Republic.
Barrick has the gold mining industry’s strongest and only ‘A’ rated balance sheet, which positions the Company well to fund its project pipeline and seize other attractive exploration and acquisition opportunities as they may arise.
Barrick shares are traded on the Toronto and New York stock exchanges