Barrick plans to continue its copper-directed exploration efforts while banking increasing revenue from existing mines as prices rise to more than
"We see our own copper portfolio as a source of differentiation to our gold industry peers, providing shareholders with meaningful exposure from assets that are in production today," he said.
"Based on the current spot pricing, copper is expected to represent at least 20 per cent of our gold-equivalent ounces sold from 2021 to 2025, up from the 16 per cent contribution in 2020, based on actual realized prices."
Copper revenues increased 31 per cent compared with the fourth quarter of 2020 as Barrick's realized price rose to
The increase came as copper production slipped to 93 million pounds from 119 million in the fourth quarter and 115 million in the first quarter of 2020, although copper sales were higher at 113 million pounds in the most recent quarter, up from 110 million pound a year ago.
Gold production, meanwhile, fell to 1.1 million ounces from 1.2 million in the year-earlier period but the realized price was
Last month, Barrick said its suspended Porgera gold mine in
The compromise to deliver "a fair split on economics," as well as flexibility in other jurisdictions around the world, are necessary to ensure the mining industry maintains a proper balance of benefits with the countries in which it operates, said Bristow.
"Again, we are going to have to do more of that as an industry if we want to remain relevant and be able to operate across the globe," he said.
Barrick is making good progress in plans to restart the Porgera mine but is not yet prepared to include its production in its annual guidance, Bristow said.
Under the renegotiated agreement, the 95 per cent stake in the mine held by a 50-50 joint venture owned by Barrick and
The economic benefits generated over the life of mine are to be split on a 53-47 per cent basis with the larger share going to the government.
On Tuesday at its annual general meeting, Barrick shareholders voted 99 per cent in favour of a
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