Barrick’s Gold Production to Increase by 40 Percent

Barrick Gold plans to have four new gold mines in production by 2006. Together, the mines would increase the company’s output by 40 percent. The projects include Veladero in Argentina, Alto Chicama in Peru, Cowal in Australia and Tulawaka in Tanzania. All of them are scheduled to begin production between the first quarter of 2005 and the first quarter of 2006. They are expected to drive Barrick Gold’s growth profile to a target of 211.5 to 217.7 t (6.8 million to 7 mil-lion oz) of gold production in 2007. The company’s projected output for 2004 is 152.4 to 155.5 t (4.9 million to 5million oz) in 2004. Overall, higher production and lower costs are expected in the early years from the new mines.