Barrick Gold
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 $350 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 $390-$415 per ounce of gold and $1.15-$1.25 per pound of copper.
Barrick Gold to process ore from Crescent Gold's Laverton Project
Crescent Gold (ASX: CRE) has signed an Ore Purchase Agreement (OPA) with Barrick Gold Corporation whereby Barrick will purchase ore from Crescent’s Laverton Gold Project, north of Kalgoorlie in Western Australia.
Barrick will process the ore at its nearby Granny Smith Mill at Laverton due to commence in fourth quarter 2009. Minimal capital expenditure will be required by Crescent to commence production and delivery of ore to Barrick’s GSM. 1.8 mtpa of Crescent ore will be mined and delivered for processing through the Barrick GSM facilities, located just 20km from Crescent’s operations.
Purchase price for Crescent’s gold ore will be established by an agreed pricing methodology that takes into consideration the current gold price, volume of ore, the ore grade, recovery rate and the pro-rata cost of processing.
Crescent’s 100% owned 1.5 million tonne per annum (mtpa) Barnicoat mill at Laverton will remain on a care and maintenance status.
The deal appears a win-win for Crescent and Barrick, reducing operating costs for Crescent and a buyer for its ore. There also could be potential to sell additional ore from its 6 deposits to Barrick under the agreement. This maybe the start of road back for Crescent. For Barrick, it obtains feed for its mill.
Other Barrick Gold articles
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12/10/09 Barrick Gold signs joint venture to explore Coppermoly's Papua New Guinea tenements
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31/07/09 Barrick CFO Sokalsky optimistic for gold price, gold market
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20/02/09 Barrick Gold swings to Q4 loss on impairmant charge
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15/05/08 Barrick Gold Corp first quarter results look good
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07/03/08 Barrick Gold snaps up Cortez Gold Mine
Other Barrick Gold news
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07/07/10 Barrick sells Bullant Mine to Argent Minerals $5.3 million
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18/06/10 Barrick and Coppermoly intersect copper mineralisation at Nakru Project
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29/04/10 Barrick Gold pipeline now includes financing for Pueblo Viejo
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18/03/10 African Barrick Gold set to list in London tomorrow
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18/02/10 Barrick Gold reaps rewards of de-hedging decision and plans to spin-out African operation in LSE IPO
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14/01/10 Barrick files motion to block Goldcorp's attempt to buy 70% in El Morro Project from New Gold
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07/12/09 Barrick Gold continues undergound development at Cortez Hills
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01/12/09 Barrick Gold fully eliminates hedge book
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30/10/09 Barrick Gold swings to $5.4 billion net loss on gold hedge charge
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12/10/09 Barrick Gold to acquire Xstrata's stake in El Morro Project for US$465 million
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